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Barclays escapes with small fine for gold manipulation

  • 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.
Comments (2)
  • bd4uandu
    , contributor
    Comments (1797) | Send Message
     
    What!! The price of gold is being manipulated??? By a large multi-national bank no less ... holy mackerel.
    23 May, 06:18 AM Reply Like
  • minecanary
    , contributor
    Comments (411) | Send Message
     
    And they were so concerned about a decade of fraud that they fined them a huge 26 mill..as opposed to several billion for their other, lessor crimes. They also had to agree not to name names and to resume manipulating as soon as this column is taken down.
    23 May, 07:53 AM Reply Like
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