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Barclays set for another fine?

Wednesday, November 18, 2015 - 01:38

Barclays will reportedly pay at least another $100 million in a settlement with the New York financial regulator to resolve allegations that it rigged foreign exchange markets. As Sara Hemrajani reports, it could mean an early test for the bank's incoming chief Jes Staley.

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Barclays could be set to cough up millions for yet another fine. A person close to the matter says the British bank is preparing to pay at least $100 million to regulators in New York. That's to resolve allegations it rigged foreign exchange markets through its electronic trading platform. Richard Hunter is from Hargreaves Lansdown. SOUNDBITE: Richard Hunter, head of equities, Hargreaves Lansdown, saying (English): "If the fine is confirmed, the monetary amount is relatively small given both what global banks have had to pay in terms of fines so far and indeed Barclays. So it's not a welcome development but by the same token, in financial terms, it's something Barclays can probably live with." So far Barclays has refused to comment -- But it's said to be making the payment within the next month. This settlement is just the latest for the troubled lender. Barclays paid $120 million last week in U.S. Libor litigation. And back in May, it agreed to fork out $650 million on charges related to the forex spot market. Some analysts warn that there could be more to come - and for other banks as well. SOUNDBITE: Richard Hunter, head of equities, Hargreaves Lansdown, saying (English): "It's possible that there may be others coming into this particular firing line. It's already rumoured that apart from Barclays, Deutsche Bank may also be up for some kind of further fine. But I think it's fair to say that regulators and lawmakers alike, let alone the banks, would like to see this sorry episode brought to a close sooner rather than later." According to the FT, Barclays has taken about $13 billion of provisions since the 2008 financial crisis. Its ongoing legal battles present an early test for incoming CEO Jes Staley, as he promises to transform the scandal-hit bank.

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Barclays set for another fine?

Wednesday, November 18, 2015 - 01:38