Barclays said could face up to $2bn in fines

Antony Jenkins Barclays

Barclays faces costs of as much as $2bn for its alleged rigging of currency markets, lying to clients about its U.S. dark pool and mis-selling interest-rate swaps, Sanford C. Bernstein said.

Bloomberg News reports the bank may incur a $1.17bn charge to settle a foreign-exchange probe with regulators and a further $334m relating to a U.S. investigation into its private-trading venue, Chirantan Barua, an analyst at Bernstein in London, said in a note. The bank could reach settlements by the end of 2014, he said.

Barclays is part of a group of banks in talks with the U.K.’s Financial Conduct Authority to resolve allegations dealers traded ahead of their clients and colluded to rig the WM/Reuters rate.

It is also fighting a U.S. lawsuit accusing it of falsifying marketing materials to hide the presence of high-frequency traders in its dark pool. 

Hit the link below to access the complete Bloomberg News article:

Barclays Seen Facing $2 Billion in Misconduct Costs

Greece’s Recession Eases as Country Nears End to Slump

JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News