A branch of Barclays Bank is seen, in London, Britain, February 23, 2022.
Peter Nicholls | Reuters
LONDON — Barclays on Thursday said it had suspended its planned share buyback program on the back of a costly trading error in the U.S.
It comes as it reported expectation-beating profit for the first quarter, as strong investment banking performance helped drive income growth.
The British bank announced last month that it had sold $15.2 billion more in U.S. investment products — known as “structured notes” — than it was permitted to. Barclays said Thursday that it had postponed its share buyback program indefinitely and set aside a provision of £540 million as a result of the issue,…