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Banks 'working to restore trust' after Forex scandal

Antony Jenkins, chief executive at Barclays, apologised for the bank's role in the scandal.

The misconduct at the core of these investigations is wholly incompatible with Barclays' purpose and values and we deeply regret that it occurred.

I share the frustration of shareholders and colleagues that some individuals have once more brought our company and industry into disrepute.

– Barclays

RBS has also so far dismissed three staff and a further two are suspended.

The serious misconduct that lies at the heart of today's announcements has no place in the bank that I am building.

Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust.

– Ross McEwan, RBS chief executive


RBS fined £430 million by US authorities in Forex scandal

RBS Credit: Philip Toscano/PA Wire

Royal Bank of Scotland i among five banks hit with fines over involvement in the rigging of global currency markets and has agreed to pay $669 million (£430 million) to US authorities.

It comes on top of a £399 million penalty last November, including £217 million by the FCA and $290 million (£186 million) by the US Commodity Futures Trading Commission (CFTC).

Barclays fined record £284.4 million over Libor scandal

Barclays fined record £284.4 million over Libor scandal Credit: Yui Mok/PA Wire

Barclays has agreed a total of £1.53 billion in fines with both US and UK authorities amid a raft of new settlements with banks over their involvement in the rigging of global currency markets.

The British banking giant's penalty includes a record £284.4 million to the UK's Financial Conduct Authority and the group pleaded guilty to a violation of anti-trust law in the US.

Banks to pay more than £3.7bn in Forex fines

Authorities have fined five of the world's largest banks, including JPMorgan, Chase & Co and Citigroup inc, roughly $5.7 billion over manipulation of foreign exchange rates, the US Department of Justice said.

Four of them also agreed to plead guilty to US criminal charges.

UBS AG will plead guilty to rigging benchmark interest rates, the Justice Department said.

Barclays will pay $650 million in criminal penalties and Royal Bank of Scotland $395 million. Each will plead guilty to one felony count of conspiring to fix prices and rig bids for U.S. dollars and euros in the foreign exchange spot market.

Barclays also will pay an additional $1.3 billion to settle with the New York state Department of Financial Services, the US Commodity Futures Trading Commission and the UK's Financial Conduct Authority, authorities said.

As part of the New York banking regulator's agreement, Barclays will fire eight bank employees involved with rigging foreign exchange rates, the New York regulator said.


Barclays chief calls for an end to free current accounts

The head of Barclays bank has told ITV News he wants to see the end of 'free banking' in a bid to encourage more competition on the high street.

Antony Jenkins, group chief executive of the chain, said not charging customers for opening current accounts meant it was difficult to people to compare deals, and meant a lower number of people switching banks.

Mr Jenkins said while some paid-for accounts were available, it was not across the board - and said it was difficult for any one bank to make the first move for fear of driving customers to rival free models.

Read: Barclays bank bosses bid to get back to basics

Barclays pre-tax profits increase by 12% to £5.5 billion

Barclays pre-tax profits rose 12% to £5.5 billion in 2014, the bank reported today.

At the same time bonuses paid out by the bank fell 22% to £1.86 billion.

Barclays has reported pre-tax profits of £5.5 billion in 2014. Credit: PA Wire

The latest positive figures come despite Barclays admitting that they have taken an additional £750 million hit to cover the costs of their alleged involvement in the foreign exchange rate-rigging scandal.

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