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950million as it braces for a fine for rigging foreign exchange markets and to pay more compensation for mis-selling payment protection insurance. 150million charge towards redress for the mis-selling of PPI. 26billion for this type of compensation. Chief executive Antony Jenkins said: ‘Resolving legacy conduct issues is an important part of our plan to transform Barclays. 800 million this quarter, primarily relating to foreign exchange.
While we still have much to do, I am pleased with how we’ve begun 2015. The bank chose not to enter into foreign exchange settlements last November when other lenders were punished by regulators including the UK’s Financial Conduct Authority. HSBC, Royal Bank of Scotland, Swiss bank UBS and US banks JP Morgan Chase, Citibank and Bank of America were all fined for colluding to interfere with the market-set price of various currencies. Barclays, however, is seeking a ‘more general coordinated settlement’, as other authorities in the US are still investigating the scandal. New York’s banking regulator said it could reach a deal with Barclays next month if it excluded a probe of the possible rigging of rates through computer programs.