barclays bank sets £500m aside for forex probes
Last Updated : GMT 04:43:00
Arab Today, arab today
Arab Today, arab today

Barclays bank sets £500m aside for forex probes

Arab Today, arab today

Arab Today, arab today Barclays bank sets £500m aside for forex probes

Barclays bank
London - AFP

Scandal-hit British bank Barclays has set aside £500 million ($800 million, 634 million euros) linked to global probes into allegations of price-rigging in foreign exchange markets, cutting net profits, it said on Thursday.
"A £500-million provision has been recognised relating to ongoing investigations into foreign exchange with certain regulatory authorities," the London-listed lender revealed in a statement.
The announcement from Barclays -- which was also at the heart of the 2012 Libor interest-rate rigging scandal -- comes as global regulators investigate the alleged rigging of foreign exchange markets around the world.
In Britain, both the Serious Fraud Office (SFO) and the Financial Conduct Authority (FCA) watchdog have launched probes into the alleged manipulation of the £3-trillion-a-day forex market.
Barclays added in its results statement that net profit or earnings after taxation plunged 25 percent to £379 million in the three months to September. That compared with £511 million the same period of last year.
The performance was also weighed down by a £364-million loss from the sale of its Spanish retail business.
Barclays, which has been plagued by scandals in recent years, also set another £170 million aside for compensation costs arising from the mis-selling of payment protection insurance (PPI).
That took its total PPI mis-selling bill to more than £5.0 billion.
At the same time, Barclays also took a £461-million gain related to its 2008 purchase of the US business of failed US investment bank Lehman Brothers.
The bank added on Thursday that adjusted pre-tax profit -- after stripping out charges and other exceptional items -- rose 15 percent to £1.59 billion in the third quarter. That beat expectations of about £1.21 billion, owing to lower-than-anticipated restructuring costs.
- 'Disappointing' performance -
"This is a good performance from the group, our strategy is working, and we expect to see continued progress as we go forward," said chief executive Antony Jenkins.
He acknowledged however that the performance of the group's investment banking division had been "disappointing" as its pre-tax profit fell 39 percent to £284 million.
Jenkins launched plans in May to shrink the investment bank in a radical restructuring which will axe 19,000 jobs across the group by 2016, as he shakes up the scandal-tainted company.
The Libor scandal erupted when Barclays was fined £290 million in 2012 by British and US regulators for attempted manipulation of Libor and Euribor interbank rates between 2005 and 2009.
The scandal sparked the resignations of three Barclays senior board members, including ex-chief executive Bob Diamond, who was formerly head of the investment bank unit.
Euribor is the eurozone equivalent of Libor, and interbank rates are the rates at which banks lend to each other. The Libor rate is a benchmark on which are based vast numbers of financial contracts around the world.
In late morning trading, Barclays shares added just 0.23 percent to 221 pence in cautious deals on the FTSE 100 index, which was down 0.75 percent at 6,405.35 points.

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

barclays bank sets £500m aside for forex probes barclays bank sets £500m aside for forex probes

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

barclays bank sets £500m aside for forex probes barclays bank sets £500m aside for forex probes

 



Arab Today, arab today
Arab Today, arab today Jordanian woman reveals her project

GMT 00:46 2017 Saturday ,11 November

Jordanian woman reveals her project
Arab Today, arab today Japanese regulators raid Airbnb

GMT 00:44 2017 Monday ,20 November

Japanese regulators raid Airbnb
Arab Today, arab today Keep kids busy at Thanksgiving gatherings

GMT 11:14 2017 Friday ,10 November

Keep kids busy at Thanksgiving gatherings
Arab Today, arab today Saudi, Bahrain target Iran

GMT 00:48 2017 Monday ,20 November

Saudi, Bahrain target Iran
Arab Today, arab today Europe turns on Facebook, Google

GMT 02:26 2017 Monday ,20 November

Europe turns on Facebook, Google
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Australian academic's book pulled

GMT 15:20 2017 Monday ,13 November

Australian academic's book pulled
Arab Today, arab today May under Brexit pressure at EU reform summit

GMT 02:14 2017 Saturday ,18 November

May under Brexit pressure at EU reform summit
Arab Today, arab today Delhi half-marathon to go ahead

GMT 03:51 2017 Saturday ,18 November

Delhi half-marathon to go ahead
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Driverless, electric future just round

GMT 02:45 2017 Monday ,20 November

Driverless, electric future just round
Arab Today, arab today Tesla unveils its all-electric semi truck

GMT 02:59 2017 Saturday ,18 November

Tesla unveils its all-electric semi truck
Arab Today, arab today Mona Abdel Ghany increased artistic activities

GMT 12:15 2017 Friday ,17 November

Mona Abdel Ghany increased artistic activities
Arab Today, arab today paObama climate envoy slams Trump's rejection

GMT 16:04 2017 Friday ,17 November

paObama climate envoy slams Trump's rejection

GMT 12:22 2017 Thursday ,16 November

Hanan Metawe denies apology for “Major Treason”

GMT 11:15 2017 Thursday ,16 November

Angola oil boss sacked by father's protege

GMT 18:41 2017 Friday ,20 October

Designer Aql Faqih aspires to innovation

GMT 11:38 2017 Wednesday ,15 November

Unloved vultures fight for their survival

GMT 11:49 2017 Thursday ,17 August

Egyptian artist presents new collection of designs

GMT 02:28 2017 Saturday ,18 November

Anti-drug operation nets 4 tonnes

GMT 01:34 2017 Friday ,17 November

Banyan Tree Phuket Takes Festive Season

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday