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Pin to quick picksBarclays Share News (BARC)

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Share Price: 215.00
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UPDATE 2-Five global banks to pay $5.7 bln in fines over rate rigging

Wed, 20th May 2015 14:45

(Adds details of fines, charges, Bank of America settlement.)

By Karen Freifeld

NEW YORK, May 20 (Reuters) - Five of the world's largestbanks, including JPMorgan Chase & Co and Citigroup Inc, were fined roughly $5.7 billion, and four of them pleadedguilty to U.S. criminal charges over manipulation of foreignexchange rates, authorities said on Wednesday.

A fifth bank, UBS AG , will plead guilty torigging benchmark interest rates, the U.S. Justice Departmentsaid.

U.S. banks JPMorgan Chase and Citigroup will pay $550million and $925 million in criminal fines, respectively, aspart of their guilty pleas.

British banks Barclays Plc will pay $650 million incriminal penalties and Royal Bank of Scotland Plc $395million. Each will plead guilty to one felony count ofconspiring to fix prices and rig bids for U.S. dollars and eurosin the foreign exchange spot market.

Euro dollar traders at four of the banks describedthemselves as members of "The Cartel" and used an electronicchat room and coded language to manipulate exchange rates toincrease profits, the Justice Department said.

The $5.7 billion total includes $1.6 billion in finesseparately imposed by the U.S. Federal Reserve on the fivebanks.

Separately, the Fed fined Bank of America Corp $205million for unsound practices in foreign exchange.

Barclays also will pay an additional $1.3 billion to settlewith the New York State Department of Financial Services, theU.S. Commodity Futures Trading Commission and the UK's FinancialConduct Authority, authorities said.

As part of the agreement, Barclays will fire eight bankemployees involved with rigging foreign exchange rates, the NewYork regulator said.

In addition, Barclays will pay a $60 million criminalpenalty for violating an earlier non-prosecution agreement withthe Justice Department to resolve a probe of the manipulation ofthe London interbank offered rate, or Libor, and other benchmarkinterest rates.

Swiss-based UBS will separately plead guilty to manipulatingLibor and other benchmark interest rates. It will also pay a$203 million criminal penalty for breaching a 2012non-prosecution agreement with the Justice Department overLibor.

The fines announced on Wednesday follow agreements inNovember with many of the same banks over currency trading andbring total penalties to nearly $9 billion, the JusticeDepartment said. (Additional reporting by Lindsay Dunsmuir in Washington,Editing by Soyoung Kim and Jeffrey Benkoe)

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20 Feb 2024 08:52

LONDON MARKET OPEN: Stocks slide; banks rise as Barclays outperforms

(Alliance News) - Stock prices in London opened in the red on Tuesday, as European markets failed to find upward momentum amid muted trading in Asia, and Monday's public holiday in the US.

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20 Feb 2024 08:19

TOP NEWS: Barclays eyes GBP2 billion cost cuts and promises returns

(Alliance News) - Barclays PLC on Tuesday announced an efficiency drive, a new divisional reporting line-up and a plan to return GBP10 billion to shareholders over the next three years.

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20 Feb 2024 07:47

LONDON BRIEFING: Barclays announces GBP1b buyback as 2023 profit falls

(Alliance News) - Stocks in London are called lower on Tuesday, following a US holiday, and a mixed performance in Asian markets.

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20 Feb 2024 07:01

Barclays unveils massive overhaul as profits fall 6%

(Sharecast News) - Barclays Bank unveiled a swathe of changes on Tuesday, including a structural overhaul of operations, £2bn in cost cuts and a massive increase in shareholder payouts as annual earnings fell by 6%.

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19 Feb 2024 16:10

Tuesday preview: China rate decision, Barclays in focus

(Sharecast News) - Investors' focus on Tuesday will be on the People's Bank of China's interest rate decision overnight.

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18 Feb 2024 23:26

Sunday newspaper round-up: Currys, Barclays, Homebuilders

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16 Feb 2024 12:07

LONDON MARKET MIDDAY: Stocks up as UK retail sales soften GDP jitters

(Alliance News) - Stock prices in London were up strongly at midday on Friday, buoyed by UK retail sales data that came in far better than expected and soothed worries about the economy after numbers on Thursday showed it entered recession last year.

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16 Feb 2024 08:41

LONDON MARKET OPEN: Stocks climb amid UK retail sales surprise

(Alliance News) - Stock prices in London opened higher on Friday morning, after a sentiment-boosting UK retail sales reading which calmed some nerves about the economy.

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15 Feb 2024 11:59

REPEAT: Barclays bids to buy SocGen's UK private bank - Reuters

(Alliance News) - Barclays PLC is considering bidding to buy the UK private bank of France's Societe Generale SA, Reuters reported on Thursday.

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15 Feb 2024 10:37

PRESS: Barclays bids to buy SogGen's UK private bank - Reuters

(Alliance News) - Barclays PLC is considering bidding to buy the UK private bank of France's Societe Generale SA, Reuters reported on Thursday.

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Barclays eyes SocGen's UK private bank - report

(Sharecast News) - Barclays is considering bidding for Societe Generale's UK private bank, it was reported on Thursday.

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UK earnings, trading statements calendar - next 7 days

Wednesday 14 February 
Coca-Cola HBC AGFull Year Results
Dunelm PLCHalf Year Results
Pan African Resources PLCHalf Year Results
Severn Trent PLCTrading Statement
United Utilities Group PLCTrading Statement
Thursday 15 February 
Benchmark Holdings PLCQ1 Results
Centrica PLCFull Year Results
MJ Gleeson PLCHalf Year Results
Relx PLCFull Year Results
South32 LtdHalf Year Results
Friday 16 February 
NatWest Group PLCFull Year Results
Segro PLCFull Year Results
TBC Bank Group PLCFull Year Results
Monday 19 February 
Bank of Cyprus Holdings PLCFull Year Results
MoneySupermarket.com PLCFull Year Results
Transense Technologies PLCHalf Year Results
Wilmington PLCHalf Year Results
Tuesday 20 February 
Barclays PLCFull Year Results
BHP Group LtdHalf Year Results
Coca-Cola Europacific Partners PLCFull Year Results
Gran Tierra Energy IncFull Year Results
InterContinental Hotels Group PLCFull Year Results
Petra Diamonds LtdHalf Year Results
Springfield Properties PLCHalf Year Results
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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9 Feb 2024 17:02

LONDON MARKET CLOSE: FTSE 100 falls at end of tepid week

(Alliance News) - Stock prices in London closed lower on Friday, with the FTSE 100's losing streak extending to three days, as sentiment in Europe remains tetchy despite a largely stellar start to the day in New York.

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9 Feb 2024 15:15

London close: Stocks turn sour in afternoon trading

(Sharecast News) - London's markets turned lower on Friday afternoon, concluding a volatile week on a negative note.

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9 Feb 2024 12:46

Barclays pledges to stop directly financing new oil and gas projects

(Alliance News) - Barclays PLC has promised to stop directly financing energy clients' new oil and gas projects as part of updates to its climate change strategy.

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