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Barclays to refile U.S. statements this month, resume buyback -Breaking

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© Reuters. FILE PHOTO – A Barclays Bank branch is seen in London, Britain on February 23, 2022. REUTERS/Peter Nicholls

LONDON (Reuters] -Barclays announced that it will file its financial statements to U.S. regulators before May’s end. It is paving the path to resume a 1Billion Pound ($1.23 Billion) buyback scheme it halted in January after a trading blunder.

After issuing more structured notes than allowed in the United States, the bank revealed earlier this year it needed to file an accounting statement called a form 20F with Securities and Exchange Commission.

According to the lender, refiling would enable it to resume share buybacks’shortly after’. This is consistent with its promise to do this within the second quarter.

On March 28, the bank stated that it had sold trillions of dollars worth of these securities for a time of approximately one year. It also exceeded the $20.8 million limit set with US regulators.

Apart from preventing the buyback of the shares, this blunder cost the bank $320million in provisions for possible fines. The result was a early setback to C.S. Venkatakrishnan.

Venkatakrishnan (known inside the bank under Venkat) told reporters last week that Barclays (LON 🙂 There was no evidence that there had been deliberate misconduct and the bank is cooperating fully with its regulators.

($1 = 0.8154 pounds)

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