Member Article

Barclays set aside a further £800m for investigations into foreign exchange rigging

Following allegations of currency rigging the bank has now set aside more than £2bn for investigations and litigation.

Barclays have also announced £150m has been set aside to repay mis-sold PPI.

The bank also reported a decrease in statutory profit before tax by 26% to £1.3bn

After pressure to decrease costs the bank reported a decrease in operating expenses by 7% to £4.1bn driven by a reduction in ‘non-core operating expenses’ as well as a reduction in core costs.

Group chief executive, Antony Jenkins, said: “This performance represents another quarter of continued delivery, with further progress towards becoming the Go-To Bank.

“Resolving legacy conduct issues is also an important part of our plan to transform Barclays.

“We are working hard to expedite their settlement and have taken further provisions of £800m this quarter, primarily relating to Foreign Exchange.

“While we still have much to do, I am pleased with how we’ve begun 2015.”

This was posted in Bdaily's Members' News section by Sophia Taha .