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Barclays Loss From ‘Entirely Avoidable’ Error Hits £751 Million

July 28, 2022, 11:20 AM

Barclays Plc’s paperwork blunder is proving expensive.

Total net losses from the error so far have climbed to £751 million ($914 million) after a market plunge was only partially offset by hedges and the firm took a £165 million provision for an expected US Securities and Exchange Commission fine, according to a second-quarter results presentation.

The error saw the British lender accidentally issue billions of dollars more structured and exchange-traded notes than it had registered with the SEC.

Barclays has said it will kick off an offer next week to buy back the securities. That has grown more ...