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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.


Barclays 'taking fraud allegations very seriously'

British bank Barclays is taking allegations "very seriously" that it misled large institutional investors and other clients in the United States by falsely telling them it was taking measures to protect them from predatory high-frequency traders, it said today.

A Barclays spokesman said: "We take these allegations very seriously.

"Barclays has been co-operating with the New York Attorney General and the SEC (Securites and Exchange Commission) and has been examining this matter internally. The integrity of the markets is a top priority of Barclays."

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