Barclays Bank Fined Another $150 Million in NY Forex Matter

Barclays Bank Fined Another $150 Million in NY Forex Matter

Barclays Bank was hit with an additional $150 million fine and forced to fire one of its top traders after further allegations surfaced that the bank had a system in place to block unprofitable foreign exchange trades to boost profits at the expense of its clients.

The fine was assessed by the New York Department of Financial Services (NYDFS), the second such fine against the UK-based bank for foreign exchange trading violations. Earlier this year, Barclays was a party to a global $5.6 billion settlement along with JPMorgan Chase, Citigroup and the Royal Bank of Scotland to settle claims with the NYDFS and law enforcement officials in the U.S. and U.K.

Barclays has now paid $635 million in fines to NYDFS and has agreed to terminate its Global Head of Electronic Fixed Income, Currencies and Commodities Automated Flow Trading for its most recent misconduct.

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