Barclays takes $1.2 billion charge as FX settlement looms

http://ift.tt/eA8V8J Barclays (BARC.L) took a 750 million pound ($1.2 billion) charge in the fourth quarter as it prepares to settle allegations its traders manipulated foreign exchange markets, overshadowing the bank's efforts to slash costs and boost profits. Past conduct problems continue to dog Barclays Chief Executive Antony Jenkins, but despite the burgeoning budget for litigation he accepted his first bonus since taking charge three years ago, helping to boost his total pay to 5.5 million pounds from 1.6 million in 2013. Barclays increased its litigation provision by 250 percent to 1.7 billion pounds, but Jenkins said the bank would make significant progress this year in resolving the forex probes. Barclays pulled out of settling allegations its traders tried to rig foreign exchange benchmarks in a deal between U.S. and UK authorities and six rival banks in November because it had not reached a deal with New York's regulator.



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