Barclays Africa granted immunity in rand-fixing scheme

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Britain's scandal-hit Barclays bank is expected on Thursday to announce 20,000 job losses over the next three years in a major shake-up of its investment division, according to media reports.

JOHANNESBURG – The Competition Commission has granted Barclays Africa conditional immunity from prosecution in return for its continuing co-operation.

The commission's head Tembinkosi Bonakele told a parliamentary committee that the bank had applied for leniency during the investigation.

READ: Tough sanctions called for colluding banks

Bonakele says the Barclays' conditional agreement is subject to confirmation, depending on the extent of their co-operation.

Last week, the commission found 17 banks colluded to manipulate currency prices, using an instant chat room.

It recommends the banks be fined up to 10 percent of their South African revenues.

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