Barclays Fined De Minimus $60 Million For “Corzining” Client Funds

Jon Alternative Media, Blogosphere, Economy

In yet another round of penalties for the British bank, Sky News reports that Barclays will pay a GBP38 million ($62 million) fine for failing to segregate clients’ funds correctly – i.e. “Corzining” its clients. The Financial Conduct Authority (FCA) will announce the small but record (higher than the $50 million fine for JPMorgan over its “corzining”) penalty tomorrow. If you are a Barclays client, have no fear, for as they explain, “losses for Barclays’ clients were theoretical rather than actual.”
As Sky News reports,
Barclays will be hit by the latest in a string of financial penalties this week when the City regulator hands out a 38m fine for failing to ensure adequate protection for clients’ funds. …

This post was published at Zero Hedge on 09/22/2014.