UK: Barclays, RBS and other banks face £1B forex rigging suit

UK: Barclays, RBS and other banks face £1B forex rigging suit

Barclays, Royal Bank of Scotland, and three other banks are being sued by investors for at least £1 billion (US$1.2 billion) over rigging of the foreign exchange market in a test case for US-style class actions in the UK. A US law firm that specialises in stock market litigation has filed the claim at the […]

UK: Watchdog tells Barclays off over its treatment of small businesses

UK: Watchdog tells Barclays off over its treatment of small businesses

Barclays has been censured by UK watchdog over its treatment of small businesses. Bank made smaller firms open account to access other products, reported Small Business Co. About 800 affected Barclays small business clients shared the £2,000 compensation. The financial services group reported pre-tax profits of £1.5bn in the first quarter. Britain’s competition watchdog the Competition […]

Switzerland: Regulator fines banks for fixing forex trading

Switzerland: Regulator fines banks for fixing forex trading

Five banks have been fined a total of 90 million Swiss francs (US$90.9 million) for colluding to rig the foreign exchange market, Switzerland’s competition authority announced on Thursday, June 6. The fines are the latest fall out from a scam which led to them being fined €1.07 billion (US$1.20 billion) last month by the European […]

EU: Seven banks face EU antitrust fines for forex rigging: sources

Barclays, Citigroup, HSBC, JPMorgan and three other banks are set to be fined by EU antitrust regulators in coming weeks for rigging the multi-trillion dollar foreign exchange market, two people familiar with the matter said. The other three lenders are Royal Bank of Scotland, UBS and a small Japanese bank, the people said. The banks […]

UK: Second ex Barclays banker convicted in London Euribor re-trial

UK: Second ex Barclays banker convicted in London Euribor re-trial

A second former Barclays banker has been convicted of conspiring to manipulate global Euribor interest rates, bringing to nine the number of people found guilty in six rate-rigging trials. The jury of nine men and three women on Thursday found Colin Bermingham, a 62-year-old veteran banker, guilty by a majority verdict after a two-month re-trial […]

UK: Former Barclays bosses face London trial

UK: Former Barclays bosses face London trial

The most senior bankers to face criminal charges in Britain over conduct during the global financial crisis will appear before a London jury on Monday, in a trial that will test the mettle of the Serious Fraud Office. Former Barclays chief executive John Varley and three one-time colleagues stand charged over deals with Qatari investors […]

UK: Barclays rapped by competition watchdog after second PPI breach

UK: Barclays rapped by competition watchdog after second PPI breach

The UK’s competition watchdog has taken action against Barclays after it failed, for a second time, to send annual payment protection insurance (PPI) reminders to some of Littlewoods credit card customers. The Competition and Markets Authority (CMA) claims that between October 2016 and October 2017, Barclays failed to send reminders to 2,265 Littlewoods credit card […]

UK: Ex-Barclays trader found guilty of euro rate-rigging

UK: Ex-Barclays trader found guilty of euro rate-rigging

An ex-Barclays currency trader has been found guilty of manipulating a key European lending rate, but a London jury failed to reach a verdict on three other former employees of the UK bank, reported Bloomberg. Philippe Moryoussef, who fled to France to avoid the two-month trial, and a former Deutsche Bank trader, Christian Bittar, who […]

US: Barclays sources deny reports of possible merger

US: Barclays sources deny reports of possible merger

Barclays is not exploring a potential merger with other banks, two sources close to the bank have told Reuters, dismissing a media report that said Barclays was considering a possible deal with rivals, including Standard Chartered. The Financial Times (FT) reported on Wednesday, May 23, that Barclays’ senior board members were exploring a deal with […]

US: Barclays hirings come under scrutiny

US: Barclays hirings come under scrutiny

The US Department of Justice is scrutinising whether Barclays breached antitrust laws by promising to stop poaching JPMorgan Chase bankers, in another blow to Jes Staley, the British lender’s chief executive. The DoJ asked Barclays for more information on discussions between its top brass and senior JPMorgan executives following a string of high-level departures from […]