Barclays bank sets £500m aside for probes

London - British bank Barclays has set aside £500m linked to global probes into allegations of price-rigging in foreign exchange markets, cutting quarterly net profits, it said on Thursday.

"A £500m provision has been recognised relating to ongoing investigations into foreign exchange with certain regulatory authorities," the London-listed bank revealed in a statement.

The announcement 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 £3trn-a-day forex market.

READ: Banks struggle to clean up forex market

Barclays added that earnings after taxation plunged 25% to £379m in the three months to September, compared with £511m the same period of last year.

The performance was also weighed down by a £364m loss from the sale of the group's Spanish retail business.

At the same time, Barclays took a £461m gain related to its 2008 purchase of the US business of failed US investment bank Lehman Brothers.

However, Barclays added that adjusted pre-tax profit - after stripping out charges and other exceptional items - rose 15% to £1.59bn.

That beat expectations of about £1.21bn, owing to lower-than-anticipated restructuring costs.

"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.

We live in a world where facts and fiction get blurred
In times of uncertainty you need journalism you can trust. For 14 free days, you can have access to a world of in-depth analyses, investigative journalism, top opinions and a range of features. Journalism strengthens democracy. Invest in the future today. Thereafter you will be billed R75 per month. You can cancel anytime and if you cancel within 14 days you won't be billed. 
Subscribe to News24
Rand - Dollar
17.65
+0.1%
Rand - Pound
21.22
+0.1%
Rand - Euro
18.94
+0.0%
Rand - Aus dollar
12.23
-0.6%
Rand - Yen
0.13
-0.3%
Platinum
971.46
-0.2%
Palladium
1,596.87
-0.2%
Gold
1,873.54
+0.3%
Silver
22.38
+0.5%
Brent Crude
80.99
+1.3%
Top 40
73,436
-0.1%
All Share
79,516
-0.1%
Resource 10
73,762
-0.4%
Industrial 25
103,227
+0.1%
Financial 15
16,349
-0.2%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders