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Barclays pays £1.5bn as banks fined over forex scandal

Barclays has been fined a record £284.4 million by British regulators and around £1.5bn in total as part of a UK and US settlement with authorities over the foreign exchange trading scandal.

Five banks - including Barclays and Royal Bank of Scotland - were fined a total of more than $5 billion by the US Department of Justice over the manipulations.

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Banks 'working to restore trust' after Forex scandal

Antony Jenkins, chief executive at Barclays, apologised for the bank's role in the scandal.

The misconduct at the core of these investigations is wholly incompatible with Barclays' purpose and values and we deeply regret that it occurred.

I share the frustration of shareholders and colleagues that some individuals have once more brought our company and industry into disrepute.

– Barclays

RBS has also so far dismissed three staff and a further two are suspended.

The serious misconduct that lies at the heart of today's announcements has no place in the bank that I am building.

Pleading guilty for such wrongdoing is another stark reminder of how badly this bank lost its way and how important it is for us to regain trust.

– Ross McEwan, RBS chief executive

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