Barclays boosts expected FX bill to over $3bn

Provision for potential fines overshadows an otherwise strong first quarter for the UK bank

Barclays boosts expected FX bill to over $3bn

Barclays boosted its expected bill for foreign-exchange fines to more than £2 billion ($3.07 billion) on Wednesday and said it is working hard to settle investigations with global regulators.

The British bank took a new £800 million charge in the first quarter for potential fines over its foreign-exchange activities, dragging its net profit for the period down to £465 million, compared with £965 million in the same period last year.

WSJ Logo
Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout FirmsExternal link

Inside the Wall Street Recruitment Wars Pitting Banks Against Buyout Firms