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Barclays, Weighed Down by Litigation Charges, Reported Loss in 2014

The results included nearly $1.2 billion in the fourth quarter related to continuing investigations into the potential manipulation of the foreign currency trading markets.

LONDON — Barclays said on Tuesday that it fell to a loss in 2014 as the British bank’s annual results were dragged down by charges related to potential fines and litigation costs for past conduct by its employees, and lower income in its investment bank as the lender continues to shrink that business.

The bank’s annual results included 2.8 billion pounds, or about $4.3 billion, in litigation and conduct charges. That included £750 million in the fourth quarter related to continuing investigations into the potential manipulation of foreign currency trading markets, bringing the total set aside for 2014 to about £1.25 billion.

Barclays opted not to settle in November when a group of the world’s biggest banks agreed to pay a combined $4.25 billion to end investigations by British, Swiss and United States authorities, who accused them of conspiring to manipulate currency markets. Barclays is still facing inquires by the authorities in Britain and the United States.

In the investment bank, pretax profit fell 32 percent, to £1.38 billion in 2014, from £2 billion in the prior year. Income from investment banking fees declined 4 percent, and income from trading and other market activity was down 25 percent.

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Source: The New York Times (1551 Articles)
Written by Chad Bray