Earnings

Barclays beats expectations but suspends buybacks after U.S. trading blunder

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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,…



Source cnbc.com

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