- Barclays (BCS) has received a fine of over £26M from the U.K.'s Financial Conduct Authority (FCA) over attempts to manipulate the price of gold.
- The regulator said Barclays, which is one of four banks to set the price of bullion twice a day, failed "to adequately manage conflicts of interest between itself and its customers, while the bank was also responsible for "systems and controls failings."
- The fine adds to penalties Barclays has received for Libor manipulation, although the punishment for gold is unlikely to move the needle on the bank's bottom line. (PR)
- Meanwhile, Barclays has approached potential suitors about buying the firm's Spanish retail bank, Reuters reports. A sale would be part of Barclays' strategy to refocus its operations, particularly on its U.K. business.
- Barclays has already said that it intends to put its retail operations in Spain, Italy, France and Portugal in a "bad bank." The company would then divest the assets in that bank.
This was corrected on 05/23/2014 at 05:46 AM.
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