Barclays earmarks £800m for Forex scandal costs: How much have other banks set aside?
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, JP Morgan revealed it had set aside an extra £813m, after the Department of Justice (DoJ) announced an investigation into the rate-rigging scandal.
That followed a number of similar probes by regulators, including the Financial Conduct Authority (FCA) in the UK and the Commodity Futures Trading Commission (CFTC) in the US.
Four other banks – HSBC, RBS, Citigroup, and UBS- also set aside provisions for potential costs associated with Financial Conduct Authority’s (FCA) investigation.
Regulators have alleged that over a period of six years traders attempted to rig foreign exchange benchmarks, communicating between themselves in chatrooms to organise the fraud.