The UK bank’s profit has been dented as misconduct provision relating to structured notes blunder increases.
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
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