Barclays bank slides into annual net loss

Posted by BankInfo on Wed, Mar 04 2015 04:05 pm

Afp, London

Barclays fell into a net loss last year, the British bank said Tuesday, hit by huge costs linked to its alleged role in the rigging of foreign exchange markets.

Barclays reported a loss after tax of £174 million ($268 million, 239 million euros) for 2014 compared with a net profit of £540 million the previous year.

It has set aside £1.25 billion "for ongoing investigations and litigation relating to Foreign Exchange", including £750 million for the final quarter of 2014, the bank said in an earnings statement.

Barclays had announced in October a provision of £500 million for any eventual costs and fines linked to the probes.

The latest announcement from Barclays -- which was at the heart also 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, watchdogs the Serious Fraud Office and the Financial Conduct Authority have launched probes into the alleged manipulation of the £3-trillion-a-day forex market.

"We remain focussed on addressing outstanding conduct issues, including those relating to Foreign Exchange trading," chief executive Antony Jenkins said in Tuesday's results statement.

News:The Daily Star/4-Mar-2015
Posted in Banking, News

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