Citigroup is one of six major banks that are expected to settle with Britain’s Financial Conduct Authority by mid-November over allegations that the banks manipulated foreign exchange markets. Barclays Plc, another of the six banks, said on Thursday it had set aside 500 million pounds for the third quarter to cover potential fines. While the legal costs have hit profits, weighed on share prices, and consumed management time, they have not forced banks to raise money by issuing shares, and are not expected to.
Published in TZ Latest News 30 October, 2014 by The TZ Newswire Staff
Citigroup sets aside $600 million more to cover legal costs
Published in TZ Latest News 30 October, 2014 by The TZ Newswire Staff
Citigroup sets aside $600 million more to cover legal costs
Citigroup is one of six major banks that are expected to settle with Britain’s Financial Conduct Authority by mid-November over allegations that the banks manipulated foreign exchange markets. Barclays Plc, another of the six banks, said on Thursday it had set aside 500 million pounds for the third quarter to cover potential fines. While the legal costs have hit profits, weighed on share prices, and consumed management time, they have not forced banks to raise money by issuing shares, and are not expected to.