Barclays adds £984m to ETN snafu bill
Market sell-off in Q2 has increased cost of buying back notes mis-sold by the bank in 2019
Barclays has set aside an additional £984 million ($1.2 billion) to cover losses stemming from the mis-selling of structured notes, pushing total provisions linked to the snafu to more than £1.3 billion.
On March 28, the dealer disclosed it had accidentally sold $15 billion worth of exchange-traded notes (ETNs) in excess of what was permitted under a 2019 US shelf registration. It must now offer to buy back the excess securities at issue price, plus interest.
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The bank had already set
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