Barclays sets aside £500m for forex probe as Q3 profits jump

Barclays has reported a 15% rise in Q3 profit but also set aside £500m for potential fines relating to manipulation of foreign exchange markets.

Underlying pre-tax profit rose 15% year-on-year in the third quarter, Barclays said, from £1.39bn to £1.59bn. But the bank added it was putting aside the £500m in relation to "ongoing investigations […] with certain regulatory authorities" regarding foreign exchange. It also set aside an additional £170m in payment protection insurance compensation, offset by the withdrawal of £160m in provisions for interest rate hedging product compensation. The bank also booked a £461m boost from the expected recovery of Lehman Brothers assets it acquired during its 2008 purchase of the investme...