Barclays to Shut 21 ETNs a Year After ‘Staggering’ Note Blunder
- UK-based bank is scrapping almost half of its US-listed notes
- Product issuance was halted in 2022 following filing mistake
The Barclays headquarters in New York.
Photographer: Michael Nagle/BloombergThis article is for subscribers only.
Barclays Plc is axing nearly half of its US-listed exchange-traded notes a year after revealing a paperwork error tied to its products that cost the bank hundreds of millions of dollars.
The UK-based lender announced Tuesday it will redeem 21 of about 50 ETNs in June. The $71 million iPath Series B Bloomberg Copper Subindex Total Return ETN (ticker JJC) is the largest of the notes being closed, which hold around $533 million assets in total.