UK banks boost FX fines war chest

Barclays and RBS prepare for DoJ decision

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Barclays and Royal Bank of Scotland have increased their provisions for litigation costs in the ongoing foreign exchange manipulation investigation by £800 million and £334 million, respectively.

The additions bring the total set aside for potential fines and litigation related to FX to £2.05 billion for Barclays and £704 million for RBS, which has already paid out more than £400 million in regulatory fines in the US and the UK.

Barclays has yet to settle with regulators and it is still involved

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