Under review: Pedestrians pass a Barclays Plc bank branch in Southend-on-Sea in the UK. The bank will have to delay a planned £1bil share buyback due to losses. — Bloomberg
LONDON: British bank Barclays faces an estimated £450mil (US$592mil or RM2.5bil) loss and regulatory scrutiny for exceeding a United States limit on sales of structured products, some of which have surged in popularity since Russia’s invasion of Ukraine.
Barclays also said that it will have to delay a planned £1bil (RM5.53bil) share buyback as of the loss, which it will have to incur as a result of buying back the securities in question at their original purchase price.
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