Barclays profits fall, says cooperating with regulators
Barclays said it is cooperating with regulators investigating the possible manipulation of currency trading by major banks after reporting profits fell by a quarter following a slump in its investment bank earnings.
Barclays said on Wednesday it was reviewing its foreign exchange trading "covering a several year period" and was cooperating with authorities investigating possible attempts to manipulate certain benchmark currency exchange rates.
The investigation adds to a string of regulatory probes to hinder Barclays boss Antony Jenkins, who took over as chief executive 14 months ago and is trying to rebuild the bank's reputation after a series of scandals.
Barclays reported an underlying pretax profit of £1.4bn for the three months to the end of September, down from £1.9bn a year ago but above an average forecast of £1.25bn from analysts polled by the company.
Profits at its investment bank fell to £463m, down from £988m a year ago and below expectations. It was the unit's lowest profit since the end of 2011 and was largely due to a 44pc slump in revenues in its fixed income, currency and commodities in the latest quarter.
Barclays said its common equity Tier 1 capital ratio under full Basel rules improved to an estimated 96pc including the £5.8bn it raised in a rights issue last month.