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URGENT ¥¥¥ Barclays bank takes extra £1.0-bn charge for mis-selling

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(Globalpost/GlobalPost)

British bank Barclays said Tuesday that it will set aside another £1.0 billion ($1.6 billion, 1.2 billion euros) to cover redress for the mis-selling of both credit insurance and interest rate hedging products.

Barclays, rocked last year by the Libor scandal, said in a statement that it will set aside another £400 million to cover the mis-selling of interest rate swap products, and another £600 million to cover the mis-selling of payment protection insurance.

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http://www.globalpost.com/dispatch/news/afp/130205/urgent-barclays-bank-takes-extra-10-bn-charge-mis-selling