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