The UK bank’s results reflect the financial impact of the over-issuance of structured notes and exchange-traded notes in its Q3 earnings report.
Barclays has reported income of £6.4 billion (US$7.1 billion) in Q3 22, up 16.4% year-on-year (YoY), according to its latest earnings presentation. The impact of the over-issuance led to a hedging loss of £466m, which resulted in statutory income of £6 billion, in contrast to the hedging revenue of £758m a quarter ago. This issue was entirely avoidable, and we are taking action to prevent this kind of failure from recurring - C.S. Venkatakrishnan, CEO, Barclays
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