Jes we can

29 March 2018 By Christopher Thompson Follow @CGAThompson

The UK lender is paying $2 billion to settle U.S. regulators’ claims of mortgage securities mis-selling. That’s less than peers paid and removes some uncertainty. But the outcome of a UK investigation is still pending and CEO Jes Staley has yet to turn the investment bank around.

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The U.S. Department of Justice said on March 29 that Barclays had agreed to pay $2 billion to settle claims for allegedly causing billions of dollars of losses to investors in residential mortgage-backed securities between 2005 and 2007.

The department said the firm misled investors about the quality of the mortgage loans backing those deals and committed violations of mail fraud and bank fraud. According to the Department of Justice’s statement, Barclays disputes the allegations.

Barclays Chief Executive Jes Staley said in a statement that the settlement meant “putting significant legacy matters like this one behind us”.

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