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Barclays “made some mistakes on simple tasks” that led to trading blunder, chairman says

Barclays “made some mistakes on simple tasks” that led to trading blunder, chairman says
Barclays “made some mistakes on simple tasks” that led to trading blunder, chairman says   -   Copyright  Thomson Reuters 2022
By Reuters

LONDON – Barclays Chairman Nigel Higgins said he was still investigating the circumstances that led to a multi-million dollar trading error but expects to find that the lender “made some mistakes on simple tasks”, he said on Wednesday.

“First of all, all of us here were dismayed that after so much progress, we had this entirely self inflicted problem,” Higgins told investors at Barclays annual shareholder meeting.

Barclays disclosed on March 28 that it had exceeded a U.S. limit on sales of structured products, triggering a loss and a potential restatement of 2021 accounts of two units.