Barclays confirmed that it will increase the funds put aside for mis-selling products to consumers and businesses by more than £1bn, taking the total to £3.4bn.
The figure is made up of an additional £600m to pay off consumers who were mis-sold payment protection insurance (PPI), while the amount set aside for redress in the sale of
interest rate hedges
is to be doubled to £850m.
The UK bank is also believed to have to set aside money for potential litigation relating to manipulation of the London Inter-bank Offered Rate (Libor) for which it was fined £290m last June.
The announcement of increased provision came ahead of an appearance before the UK Parliamentary Commission on Banking Standards (PCBS) by chief executive officer (CEO), Antony Jenkins and chairman Sir David Walker.
Barclays’ new CEO said last month that the will unveil a
new business strategy
on 12 February, which he promised would “excite” the workforce.
The proposals of both US presidential candidates could shake up operating conditions in several sectors, reports the credit ratings agency.
The Danish shipping and oil conglomerate confirmed that it will separate its businesses into stand-alone transport and energy divisions.
The central bank has tweaked its stimulus programme and is making a fresh effort to push Japan’s inflation rate above its 2% target.
Despite faster payment technologies, business-to-business payments by paper cheque show no sign of decline from three years ago.