Barclays Plc expects to take a 450 million-pound ($591 million) hit and will delay a share buyback after mistakenly issuing about $15 billion more structured notes and exchange traded notes than it had registered for sale.
The firm issued about $36 billion of investment products after registering with U.S. regulators in August 2019 to sell up to $20.8 billion, according to a statement Monday. The error will require the firm to repurchase affected securities -- a so-called rescission offer -- at their original price.
The error was called “basic”, “bizarre” and “embarrassing” by analysts, and Barclays said it was investigating ...
