According to the British bank Barclays, its first-quarter profit dropped 52% mainly due to legal costs that mainly related to investigations into the possible manipulation of foreign currency trading markets.

Barclays has taken other legal provisions of 800 million pounds in the quarter for potential fines and litigation costs. These costs were related to the currency market investigation that is still ongoing. According to Barclays, it took £1.03 billion in total litigation and conduct costs in the quarter.

According to Barclays, it decided not to settle in November at that time biggest banks of the world agreed to pay a combined $4.25 billion in order to end investigations by British, Swiss and US authorities. The financial services majors have been accused of conspiring to manipulate currency markets.

Still prosecutors in the US are pushing for guilty pleas from many banks, involving Barclays. According to the Barclays group finance director, the latest provision reflected the best estimate of the lenders of the potential costs to resolve the matter after its talks with numerous regulators and agencies around the world.

"As a management team and board, we are absolutely focused on trying to resolve these matters as expeditiously and appropriately as we can. And are working very hard to that end", said Mr. Morzaria said.

The possible timing of a settlement has not been discussed. According to Barclays, for the three months ended March 31, its profit dropped to £465 million, from £965 million in the first quarter of 2014. Antony P. Jenkins, the Barclays chief executive, said that resolving legacy conduct issues are an essential part of their plan in order to transform Barclays.

Jenkins also said that they are putting efforts to expedite their settlement. It is expected that the bank will make progress this year in resolving investigations into potential misconduct by its employees.