Barclays sets aside extra £800m for forex-rigging probe

clock

Barclays has set aside an extra £800m to cover the costs of a probe into foreign exchange rate-rigging, its latest results reveal.

The bank said it has earmarked the extra cash to cover forex investigations and litigation, taking the total set aside to £2.05bn. In March Barclays said it estimated it would need an extra £750m to cover these costs.  In its results for the first quarter of 2015, the bank reported statutory pre-tax profits fell 26% to £1.34bn, although group adjusted pre-tax profit was £1.85bn, up 9% from the end of March 2014. Adjusting items gave the group a net loss of £511m. These included an additional PPI redress provision of £150m, and an £118m loss relating to foreign currency reserves it re...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Open letter slamming FCA email policy sent to regulator and government

Open letter slamming FCA email policy sent to regulator and government

'Alarming lack of consultation'

Beth Brearley
clock 20 March 2025 • 2 min read
Crispin Odey hit with £1.8m FCA fine and ban

Crispin Odey hit with £1.8m FCA fine and ban

FCA cites lack of integrity

Sorin Dojan
clock 17 March 2025 • 2 min read
Reeves to overhaul regulatory regime as part of growth drive

Reeves to overhaul regulatory regime as part of growth drive

FCA and CMA face changes

Sorin Dojan
clock 17 March 2025 • 2 min read