Will Barclays reprise its role as sucker to take the hardest fall? Or has it learned its lesson and won’t be raising its hand first this time?

A number of major banks are looking to simultaneously settle probes into allegations of foreign-exchange rate-rigging with the U.K.’s Financial Conduct Authority, according to people familiar with the matter….

Among banks, executives have grown more reluctant to be the first to settle with regulators, fearing a reaction similar to the backlash Barclays faced in 2012, according to one of the people familiar with the matter. That year, Barclays became the first bank to settle allegations it rigged a major interbank lending rate, drawing outrage from investors and politicians. Several Barclays executives quit amid the criticism.

Regarding the British foreign-exchange probe, the banks’ hope is that simultaneously announced settlements will shift the focus away from individual institutions, people familiar with the matter said.

Banks Seek Simultaneous Settlements in U.K. Foreign-Exchange Probe [WSJ]

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Comments (6)

  1. Posted by Shaz's beard | July 25, 2014 at 1:38 PM

    First post at 1:30? Pheromone dating go late again Shazzy? Solid hustle.

  2. Posted by Facetious Guy | July 25, 2014 at 1:47 PM

    It's July there are no stories. Remember the world stops during summer??

  3. Posted by Guest | July 25, 2014 at 2:09 PM

    Most of us are occupied waiting our turn to bang Shazmom.

  4. Posted by Captain Oblivious | July 25, 2014 at 2:14 PM

    Shazmom? KG's soon to be ex is where its at, billionaire trim.

  5. Posted by Guest | July 25, 2014 at 2:20 PM

    BNP. The French always surrender.

  6. Posted by Finance Tool | July 25, 2014 at 2:41 PM

    BNP is by far the worst firm on Wall St. To say it is even a wall st firm is a stretch. Should send those frogs packing.