U.K. Banks’ FX-Rigging Charges Hit $1.7 Billion in Quarter
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Royal Bank of Scotland Group Plc brings the amount British banks have set aside in the first quarter to cover the cost of settling probes of whether traders manipulated key currency benchmarks to more than $1.7 billion.
The Edinburgh-based lender took a 334 million-pound charge ($516 million) for alleged foreign-exchange market rigging, adding to an 800 million-pound provision taken by Barclays Plc on Wednesday. RBS said it’s in “advanced” talks with the U.S. Department of Justice to settle the probe.