Barclays faces US$590mil hit, attracts scrutiny

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.