Investment Banking

Barclays puts £1.3bn aside for trading blunder, marring fee surge

Error takes the shine off positive results in trading unit

New CEO C.S. Venkatakrishnan described the blunder as 'disappointing' and said the bank has worked to improve its internal controls
New CEO C.S. Venkatakrishnan described the blunder as 'disappointing' and said the bank has worked to improve its internal controls Photo: Barclays

Barclays put £1.3bn aside to cover a trading blunder, hitting second-quarter profits within its corporate and investment bank despite a surge in trading revenue.

The UK lender announced an additional £1.3bn for "expected rescission costs" during the second quarter after it mistakenly sold billions more of its own securities than it meant to, an error that it revealed in April.

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