Barclays posts a loss of €540 mln in bond transactions | Photo credits: © Barclays
LONDON, March 28 (Reuters) – Barclays on Monday announced a loss of around 450 million pounds sterling (540.3 million euros) on mishandled bond transactions, prompting the British bank to delay a buyback program for actions.
Barclays explained that in its structured products business, its teams offered and sold securities over a period of approximately one year for an amount that exceeded the amount expected to be sold, which forced the bank to buy back securities at the price initial purchase.
The estimated loss is around 450 million pounds, said the bank, which commissioned an independent report into the matter. Regulators are also investigating and requesting information, the bank said. Barclays has postponed a share buyback program of around £1bn to the second quarter.
On the London Stock Exchange, Barclays shares fell about 2.9% in the morning. (Report Iain Withers; French version Elena Vardon, edited by Matthieu Protard)