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DOJ Continues Probe Into Barclays on Foreign Exchange Manipulation

Julia Sun
7/30/14 1:03 PM EDT
The U.S. Department of Justice is entering into a pact called a "non-prosecution agreement" with Barclays as it continues its investigation on foreign exchange manipulation. The DOJ has until June of next year to decide if the British bank violated any U.S. laws. Barclays entered into another non-prosecution agreement with the U.S government in 2012 on alleged interest rate manipulation. That agreement expired this June. The new agreement essentially extends the government's authority to probe Barclays and to turn over any "non-privileged" information upon request. Regulators are reportedly also pushing to install monitors inside Barclays' office as part of the investigation. Rebuilding its reputation has been Barclays priority this year, but the ongoing legal process is making it difficult. Barclays said in May that it would cut 19,000 jobs, or nearly 15% of its workforce, in the next three years to stay afloat. TheStreet's Julia Sun has details from New York.

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