Dec 17 (Reuters) - The 500 million pounds (US$783.70 million) Barclays PLC set aside to settle allegations of rigging the foreign exchange market would not be enough, the bank’s Chief Executive Antony Jenkins said in an interview to Sky News.
"My expectation is it will be a bigger number than that," Jenkins replied when asked whether the amount would be enough. (bit.ly/1sG1hhi)
The London-based bank pulled out of a settlement last month because of complications with its New York-based regulator Department of Financial Services, people familiar with the matter said.
However, Jenkins was hopeful of settling the probe with regulators “in the course of next year”, Sky News reported.
He added that Barclays’ bonus season would attract fewer headlines this season. “If a business performs, we’ll pay; if it doesn‘t, we’ll pay accordingly. It’ll be much less controversial,” Jenkins said in an interview to Sky News.
Bank of England’s regulatory arm said last month that it will scrutinise bonuses awarded to traders involved in attempts to manipulate the currency market.
Barclays could not be immediately reached for a comment outside regular business hours. ($1 = 0.6380 pounds) (Reporting by Ankush Sharma in Bengaluru; Editing by Bernard Orr)