(Reuters) — Barclays put share buyback plans on hold due to scrutiny by U.S. regulators of a trading blunder it announced last month.
The British bank on March 28 disclosed that it had exceeded a U.S. limit on sales of structured products, triggering a loss and a potential restatement of its 2021 accounts filed with the U.S. Securities and Exchange Commission.
“Barclays remains committed to the share buyback program and the intention would be to launch it as soon as practicable following resolution of filing requirements being reached with the SEC,” the bank said Thursday.
The lender had previously said the £1 billion ($1.25 billion) buyback would start in the second quarter.
Dealing with the fallout from the blunder poses an early test for CEO C.S. Venkatakrishnan, who took over following the exit of Jes Staley in November and who previously ran both the investment bank and the group’s risk operations.
