BreauxCromer837

UK bank Barclays has announced that it is the subject of two new regulatory probes, soon after a series of scandals that have dented its reputation.

US authorities are looking at whether the way that Barclays won business complied with the Foreign Corrupt Practices Act.

The bank disclosed the probes as it reported a pre-tax statutory loss of �47m for the third quarter, down from a �2.4bn profit last year.

Shares in the bank fell 4.7%.

The loss includes charges to cover the payment protection insurance (PPI) mis-selling scandal.

"The spectre of more damage to the bank's reputation in the form of further regulatory probes is weighing heavily on the shares," said Richard Hunter, head of equities at Hargreaves Lansdown.

"Barclays' outlook statement is also cautious, whilst the previously announced extra PPI provision has dented the overall performance. On the upside, the bank has seen a reduction in impairments and costs, has further bolstered its capital position and has reduced its exposure to the weak peripheral European markets." Scandals

The US Department of Justice and the Securities and Exchange Commission are looking into how Barclays won its business, while the second probe is by the US Federal Energy Regulatory Commission (Ferc), which has been investigating Barclays power trading in the western US with respect to the period from late 2006 through 2008.

Ferc alleges that Barclays bought and sold electricity in enough volume to move exchange prices up or down to benefit the lender's positions.

"Barclays intends to vigorously defend this matter," the bank said.

The SEC conducts its investigations privately and a spokesperson declined to comment when contacted by the BBC.

For more information please follow here: Heart Rate Monitor Suunto Ambit 2