Barclays will be fined AGAIN for its currency trades

Barclays faces its second fine in under a year over its currency trading, according to a report in the Financial Times.

This time the bank faces a $100 million (£66 million) penalty from the New York Department of Financial Services over the way it handled electronic currency trades for clients.

It’s a smaller fine than the $485 million the bank paid in May to settle claims it, along with other banks, manipulated foreign exchange markets.

This is in part because the amount of trading done was smaller, the FT said, citing sources.

After years of scandal, banks are still facing probes from regulators on their conduct leading up to the 2008 financial crisis and after, particularly in the US.

At Barclays, it will be incoming CEO Jes Staley’s job to make sure the legal issues the bank has faced don’t derail a new strategy focused on a smaller, more profitable investment bank.

Federal prosecutors are pursuing criminal cases against the bank executives at Royal Bank of Scotland and JP Morgan for allegedly selling flawed mortgage securities, the Wall Street Journal reported on Tuesday.

A Barclays spokesman couldn’t be immediately reached for comment.

http://uk.businessinsider.com/

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