Five of Europe’s largest lenders face up to another €10bn in litigation costs in the next two years due to alleged foreign exchange manipulation and other legal issues, underscoring how past misbehaviour continues to drag down profits.
Barclays, Deutsche Bank, UBS, Royal Bank of Scotland and HSBC will have to set aside between €8.5bn and €10.6bn for litigation in 2014 and 2015, according to estimates by three senior analysts. That would come up top of the €16.4bn those five banks had provisioned for legal costs until the end of last year.
The five banks are the largest European participants in the forex market, and have all been caught up in the probe of more than 15 banks.
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