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Barclays takes huge charge for forex probes

Published Fri, Oct 31, 2014 · 09:50 PM

London

SCANDAL-HIT British bank Barclays revealed a huge charge for probes into allegations it rigged foreign-exchange market prices, cutting into quarterly profits reported.

The bank has set aside £500 million (S$1 billion), and this hit profits hard. "A £500-million provision has been recognised relating to ongoing investigations into foreign exchange with certain regulatory authorities," the London-listed bank said.

The announcement on Thursday from Barclays - which was also at the heart of the 2012 Libor interest-rate rigging scandal - 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 laun…

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