Arab News | Barclays bank sets $800m aside for forex probes

LONDON: Barclays has set aside £500 million ($800 million, 634 million euros) linked to global probes into allegations of price-rigging in foreign exchange markets, cutting net profits, it said.

“A £500-million provision has been recognized relating to ongoing investigations into foreign exchange with certain regulatory authorities,” the London-listed lender revealed in a statement.

The announcement from Barclays comes as global regulators investigate the alleged rigging of foreign exchange markets.

Barclays added in its results statement that net profit or earnings after taxation plunged 25 percent to £379 million in the three months to September.