Barclays PLC said it is buying back a slug of structured notes at a loss of about £450 million, or $591 million, after selling too many of them.
Structured notes are a type of debt instrument that is linked to an underlying reference such as the S&P 500 or oil. The British bank had registered with the U.S. Securities and Exchange Commission to sell up to $20.8 billion of these notes. It exceeded the limit by $15.2 billion, the company said.