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Barclays announces £330m regulatory bill

Barclays announced to the stock exchange yesterday that its full-year results would show £330m allocated for litigation and regulatory penalties.

The bank is named as one of the key players in the Libor-fixing scandal and is also facing allegations of insurance and interest-rate swaps mis-selling.

Barclays made the unscheduled statement as part of a response to reports yesterday that it is to close around a quarter of its UK branches – a claim it denies.

While chief executive Antony Jenkins did reveal that 400 investment bankers, based mainly in London and New York, would be made redundant, the bank says it has no immediate plans to close branches.

Deutsche Bank this month allocated €2.3bn to litigation costs while Royal Bank of Scotland this week revealed £3bn in legal-cost provisions.


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