Salem Radio Network News Friday, August 19, 2022

Business

Barclays kickstarts suspended share buy-back programme

LONDON (Reuters) – Barclays has fired the starting gun on a 1 billion pound share buy-back programme aimed at reducing its share capital after refiling accounts with U.S. authorities on Monday.

The British lender was forced to resubmit its 20-F accounts after it discovered in March it had sold more than $15 billion of complex securities than it had permission to sell.

The buy-back, which was put on hold pending the new submission, will commence on Tuesday and end no later than September 30.

Barclays has instructed JP Morgan Securities to conduct the buy-back.

(Reporting By Sinead Cruise, editing by Huw Jones)

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