Barclays looking at another massive fine
Barclays are looking at another huge fine of $100 million (£65.7 million) as they in a settlement with the New York financial regulator, as they try to sort out the mess they made after they rigged foreign exchange markets.
Now, this is from a 'person familiar with the matter', so we can't say this is definitely happening, but Barclays could be making this settlement with the New York Department of Financial Services in the next few weeks.
The bank already agreed to pay $120 million earlier in the month to settle private American litigation case, which had accused Barclays of conspiring rig Libor rates with their rivals. Back in May, they also agreed to fork out $650 million relating to forex trading.
According to Moody's, the total cost of litigation faced by banks since the 2008 financial crisis is somewhere in the region of $219bn, which is a staggering amount of money. The majority of fines has been slapped over American banks, but now, they're hitting European banks hard. The whole thing is a complete mess.
David Fanger, Moody's senior vice-president, said: "At this point, probably, European banks are more vulnerable because US banks have [already] taken more of the provisions."