Barclays chief preparing to take a stand against U.S. regulators over unduly high fines to European banks

Jon Market Commentary, Real Estate

Mr Staley’s defiance – a very different tack than that taken during the Libor settlement negotiations in 2012 which cost Bob Diamond his job – came as Deutsche Bank and Credit Suisse settled with the regulator, to the tune of a total of $12.5bn (10.2bn) between them, covering fines and reparations.
But Mr Staley, a native Bostonian who spent most of his career at JP Morgan, appears determined to take a stand against the regulator and what he sees as European banks being unduly punished.
A Barclays source said of the negotiations: ‘We were a bit player in the market. The number on the table was unacceptable.’
A second source said it appeared that the fines being handed out – U.S. regulators have now collected $58bn in total from eight banks in fines and relief and other payments in connection with toxic mortgage sales – were not equitable between U.S. and European banks.

This post was published at The Telegraph