Blencowe Resources: Aspiring to become one of the largest graphite producers in the world. Watch the video here.

Less Ads, More Data, More Tools Register for FREE

Barclays-BBG report it seeking $2 bln U.S. penalty cap inaccurate

Thu, 27th Oct 2016 19:22

Oct 27 (Reuters) - Barclays said on Thursday aBloomberg report that it is trying to cap a penalty to settle aU.S investigation into its sale of mortgage securities at $2billion was based on ill-informed speculation.

Citing a source, news agency Bloomberg reported Barclays wastrying to cap the penalty after receiving an opening offer itconsidered too high.

The Department of Justice's (DoJ) starting point fornegotiations wasn't disclosed but it was less than the $14billion opening offer by the U.S. to Deutsche Bank over similar allegations, Bloomberg said.

"This story is based on ill-informed speculation andcontains material inaccuracies," a Barclays spokesman said in astatement that referred to the Bloomberg report.

A spokesman for DOJ declined to comment.

A person familiar with the matter told Reuters that nosettlement is imminent.

Deutsche and Barclays are among a group of banks beingprobed by U.S. authorities over alleged misconduct in the saleof mortgage securities in the run-up to the 2008 financialcrisis.

Deutsche Bank, Germany's largest lender, has been in thespotlight since a September report that DoJ asked the bank for$14 billion to settle the probe into its mortgage-backedsecurities. (Reporting by Sangameswaran S in Bengaluru; Editing byAlexandra Hudson)

Related Shares

More News
10 May 2024 11:17

JPMorgan still positive on UK banks despite potential rate cuts

(Sharecast News) - JPMorgan has said that dovish comments from the Bank of England this week don't alter its constructive view on UK banking stocks, e...

9 May 2024 12:08

Barclays AGM disrupted by activists protesting over Gaza

LONDON, May 9 (Reuters) - Barclays' annual shareholder meeting was disrupted by activists protesting against its alleged indirect links to violence ...

9 May 2024 09:53

LONDON BROKER RATINGS: NatWest target raised, other lenders backed

(Alliance News) - The following London-listed shares received analyst recommendations Thursday morning and Wednesday:

8 May 2024 16:45

UK watchdog considers redress scheme after motor finance probe

LONDON, May 8 (Reuters) - Britain's financial watchdog said on Wednesday it was considering a formal redress scheme to compensate thousands of consu...

7 May 2024 07:00

Race for Europe's first 'real-time' stock trade tape heats up

LONDON, May 7 (Reuters) - Banks and asset managers are vying with Europe’s exchanges to develop technology that can deepen the pool of investors ...

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.