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Barclays set to be hit with £2bn bill for rate-rigging

By Graeme Evans

Barclays is braced for a bill of more than £2bn after increasing the amount of money set aside to settle a foreign exchange rate-rigging investigation.

The banking giant made another £800m in provisions in relation to the scandal, which has already resulted in six other lenders being fined a total of £2.6bn by global regulators.

Barclays has also taken an additional £150m towards redress for the mis-selling of payment protection insurance (PPI), lifting its total provision for the long-running case to £943m.

The items overshadowed the latest results from the bank after it posted a 9% increase in pre-tax profits to £1.85bn for the first quarter of the year.

Chief executive Antony Jenkins said: "Resolving legacy conduct issues is an important part of our plan to transform Barclays.

"We are working hard to expedite their settlement and have taken further provisions of £800m this quarter, primarily relating to foreign exchange."

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