Barclays Plc agreed to pay $2 billion (U.S.) to settle a probe into how it sold the sort of mortgage bonds that fuelled the financial crisis, securing a penalty less than half of what U.S. authorities originally demanded. The DOJ wanted a fine of about $5 billion, but the bank refused to pay any more than $2 billion, Bloomberg news reported in 2016. While Staley chose to fight, JPMorgan Chase & Co. CEO Jamie Dimon said he "had no choice" but to "surrender," agreeing to pay $13 billion to settle similar accusations. The U.S. probe targeted 36 RMBS deals involving $31 billion worth of loans, more than half of which defaulted. The Justice Department claimed that borrowers whose loans backed subprime mortgage deals were significantly less creditworthy than Barclays represented.

Source: thestar March 29, 2018 15:56 UTC