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Barclays to Buy Back Up to $18 Billion of Wrongly Sold Notes

  • Bank will begin to buy back affected securities from Aug. 1
  • British lender has already taken £540 million charge for error
    

    

Photographer: Luke MacGregor/Bloomberg
Updated on

Barclays Plc will start to buy back as much as $17.6 billion of securities, a process that should determine its losses from a paperwork blunder that saw it accidentally sell more structured and exchange-traded notes than it had registered.

The bank said the repurchase period will start on Aug. 1 and will expire on Sept. 12, according to a statement Monday. Barclays separately said it plans to resume the issuance and sales of some iPath exchange-traded notes, which had been suspended in April.