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Which Bank Is Going To Fall For The ‘If We All Admit It At Once They’ll Go Easy On Us’ Trick?


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]


(Getty Images for Yahoo Finance)

Jes Staley Really Showed Us

Barclays’ chief gets to keep his investment bank and his job.

If Tom Hayes Had To Do It All Over Again, He’d Only Manipulate Libor With Native English Speakers

Allegedly colluding with a French guy led to all kinds of problems (like putting stuff about (alleged!) collusion in writing because someone's accent was too thick to understand).

Play ball! (Again!) By Scott Thornbloom ( [Public domain], via Wikimedia Commons

Ex-Barclays Traders Get To Go To Court Again Over Alleged Libor-Rigging

Which is apparently the prize you win after an 11-week trial that ends without a verdict.