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Barclays latest problems focused on forex manipulation claims

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Barclays latest problems focused on forex manipulation claims

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Barclays has said it is cooperating with regulators investigating possible manipulation of currency trading.

Britain’s third-biggest bank is reviewing its foreign exchange trading over several years as officials look into the alleged attempted rigging of certain benchmark rates.

As well as Barclays, UBS and Deutsche Bank are also cooperating with regulators, while Royal Bank of Scotland is reviewing its forex processes.

It is the latest in a string of probes faced by Barclays which just reported an underlying pre-tax profit the equivalent of 1.4 billion pounds (1.6 billion euros) for the three months ending in September, down from 1.9 billion pounds for the same period a year ago.

Activity across banks has been hit by uncertainty over U.S. monetary policy, but Barclays’ performance was worse than most of its biggest rivals.