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Barclays hit by fresh probes

Barclays hit by fresh probes

Barclays has revealed it is the subject of two new regulatory probes into its business practice in the United States, just months after its reputation was hit by the Libor scandal.

The US Department of Justice is investigating whether the bank's relationships with third parties are in breach of the Foreign Corrupt Practices Act, while the Federal Energy Regulatory Commission is probing the bank's trading in the western US between 2006 and 2008.

The news came as the bank announced a pre-tax statutory loss of £47m in the third quarter, after it was hit by substantial charges to cover the payment protection insurance (PPI) mis-selling scandal.

Barclays' adjusted profits, if the additional charge is not included, were £1.7bn, up from £1.3bn for the quarter last year.

Today, former Barclays chief executive Martin Taylor appeared before the Banking Standards Commission. He said a split between investment and retail banks could be possible if the industry is found to be "un-reformable" but said he was in greater favour of ringfencing the two sectors. 

"If you have a full split you remove the possibility that in a combined group where the retail bank got into trouble it would be bailed out by the otherside," he said.

Mr Taylor was part of the Independent Commission on Banking which authored the Vickers Report into banking standards.

 

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