Barclays profit hit by structured notes blunder, US sales take a dive

The UK bank has reported a pre-tax profit of £3.7 billion (US$4.5 billion) in H1 22, down 24% year-on-year (YoY) after absorbing charges net of tax of £600m relating to the over-issuance of structured notes . The charges comprise £400m post tax expected net impact of the rescission offer losses, driven by £1.3 billion of costs as a result of market movements and interest, which was substantially offset by £800m of income from the hedging arrangements related to the