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UK: Barclays sets aside a further £800 million over forex rigging

By  |  April 29, 2015

Barclays set aside another 800 million pounds on Wednesday to cover potential settlements for alleged foreign exchange manipulation, hitting profits and reflecting its struggle to put past problems behind it.

Barclays said it had now set aside 2.05 billion pounds to cover any settlement, but offered only limited clues on how soon a deal might come.

US and British authorities are investigating the allegations. Barclays pulled out of a settlement between some authorities and six rival banks in November because it had not reached a deal with New York’s regulator.

“That (extra provision) reflects the further discussions we’ve been having with a number of regulators and agencies around the world across multiple jurisdictions,” Finance Director Tushar Morzaria said.

 

Full Content: The Financial Times

 

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