Barclays to Book $ 591 Million Loss Due to Debt-Sale Snafu

Barclays PLC said it is buying back a slug of structured notes at a loss of about £ 450 million, or $ 591 million, after selling too many of them.

Structured notes are a type of debt instrument that is linked to an underlying reference such as the S&P 500 or oil. The British bank had registered with the US Securities and Exchange Commission to sell up to $ 20.8 billion of these notes. It exceeded the limit by $ 15.2 billion, the company said.

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