Barclays

barclaysballoonBarclays PLC on Thursday reported a fresh £500 million ($800 million) legal provision related to investigations into the alleged manipulation of the foreign-exchange market. The charge weighed down what was otherwise a brighter quarterly performance by the British bank, showing early signs that a radical restructuring is paying off…The provision comes as the first stage of a global probe into alleged foreign-exchange price rigging nears an end, and relates to “ongoing investigations into foreign exchange with certain regulatory authorities,” the bank said. [WSJ]

Barclays has banned employees from giving or receiving gifts and entertainment from brokers as the British bank tightens internal controls. The “prohibitions apply regardless of the monetary value or nature of the relevant gift or entertainment,” according to a July letter, a copy of which was seen by Bloomberg News and confirmed by Barclays. The ban applies to relations with so-called executing brokers, who process orders for the bank. Any exceptions require prior approval, according to the letter. Brokers will have to report every six months that they haven’t given or received any presents from Barclays staff. If they have, the item and reason must be explained. [Bloomberg]

Britain and the US tag-teamed a 1-2 punch around breakfast and lunch, respectively so who wants to knee the bank in the balls on its way home from work tonight or just after dinner? France? Germany? Read more »

The corpse of Lehman Brothers wants the Second Circuit Court of Appeals to take a really close look at the part of its bankruptcy that say “no cash” should go to Barclays when it bought Lehman’s brokerage. Because, you know, their honors this month said that Barclays could have $4 billion in cash from the brokerage, and, not to belabor the point, but that seems like a lot more than “no cash.” Read more »

Or something. Read more »

US$450 million for Liborgate. £3.56 billion for payment protection insurance, with £900 million more to come. US$480 million to Fannie Mae and Freddie Mac. £211 million for “other unspecified litigation and conduct charges.” And that’s just the beginning of the legal accounting at the House of Jenkins. Read more »

  • 04 Aug 2014 at 12:02 PM

Donald Trump Now Offering Legal Advice To Barclays

Back in July, Barclays was hit with a major lawsuit by New York Attorney General Eric Schneiderman, who alleged the bank “favored high-frequency traders in its dark pool and then lied to clients about their participation in the trading venue.” It wasn’t a great look for the Brits and it came at an especially awkward time for chief executive officer Antony Jenkins, who was supposed to be making the place less fraud friendly than it was under his predecessor. And while the bank has its own lawyers on payroll, who have already responded to the charges, one guy who knows from lawsuits has chosen to offer his unsolicited counsel nevertheless. Read more »