Banks clobbered by $6bn forex-rigging fine but share prices rise as penalties less severe than expected May 20, 2015 Six of the world’s biggest banks were punished with a mega $5.7bn (£3.7bn) fine by financial watchdogs yesterday after foreign currency traders were found to have rigged prices to rip off customers. Barclays, Royal Bank of Scotland, Swiss giant UBS and three US banks – JP Morgan Chase, Citi and Bank of America – [...]
Barclays and RBS share prices are rising on the back of the forex fine May 20, 2015 The share prices of British banks Barclays and Royal Bank of Scotland are on the rise following the US attorney general's announcement of a multi-billion fine for their involvement in the forex rigging scandal. The $5.6bn fine is a record-breaker, and brings the total paid to settle the forex scandal by the five banks [...]
US officials hand down multi-billion forex-rigging fine to UBS, JPMorgan, RBS, Citicorp and Barclays May 20, 2015 US officials have confirmed the multi-billion-dollar bill being paid by five of the world's biggest banks for their involvement in the forex-rigging scandal. JPMorgan Chase, Royal Bank of Scotland, Citicorp and Barclays will plead guilty to US criminal charges, paying a total of $5.6bn to settle the allegations that date back to 2007. UBS is [...]
Forex-rigging scandal: Barclays given largest fine in FCA history May 20, 2015 Barclays has been fined £284.4m by the Financial Conduct Authority (FCA) for failing to control business practices in its London foreign exchange operations. The bank's "inadequate and ineffective" control over its forex floor led to the biggest fine ever handed out by the FCA. Last year the bank opted out of a mass settlement in [...]
Barclays to settle £2bn forex-rigging case May 17, 2015 Barclays Bank is closing in on a major £2bn settlement with regulators around the world, drawing to a close its role in the deeply damaging foreign exchange markets rigging scandal. The bank, whose chief executive is Antony Jenkins, is attempting to settle with a number of regulators simultaneously. Last November it pulled out of a [...]
Barclays joins banks paying fines over forex-rigging scandal May 10, 2015 Barclays, RBS, JP Morgan and Citigroup are all expected to settle forex manipulation accusations with US regulators as soon as this week. Shares in the sector have been held down by uncertainty around the scale of the fines, which are expected to come in at around the £3bn mark. It comes six months [...]
Barclays’ Lehman Brothers deal to claim disputed assets will go ahead May 5, 2015 The US Supreme Court has cemented a 2014 ruling which allowed Barclays to claim about $4bn (£2.65bn) of disputed assets in its purchase of much of Lehman Brothers’ brokerage unit. Barclays, which already controlled $3.5bn of the disputed $4bn, was granted leave to take over the assets by the US Court of Appeal last year. [...]
Troubled Barclays braced for famously tough incoming new chairman John McFarlane April 29, 2015 It is hard to keep a straight face when calling PPI compensation and litigation costs “one-offs” at any of the big banks nowadays. Yet seven years on from the start of the financial crisis, Barclays and the other big banks are still treating the extraordinary costs as unusual items each quarter. Yesterday Barclays [...]
Barclays earmarks £800m for Forex scandal costs: How much have other banks set aside? April 29, 2015 Barclays announced today that it is putting aside an extra £800m in provisions for the fall out of the Forex scandal. The extra £800m makes it the bank with the second largest pool of provisional cash – after JP Morgan. The extra provisions bring the total set aside by the six banks to £5.1bn. In Novemeber, [...]
Barclays sets aside £800m for Forex as profits fall 26 per cent April 29, 2015 Barclays has put aside £800m to cover potential costs mainly resulting from legal action over alleged foreign exchange manipulation. The figures The bank made the announcement as part of its first quarter results, which revealed a 26 per cent drop in statutory profits, which came in at £1.34bn. The drop was mainly down to one-off [...]