Barclays to raise $7.7B

Jul 29, 2013, 1:02 PM EDT
Barclays' bank logo is seen above a billboard displaying art photography in New York, June 11, 2013.
AFP/Getty Images/EMMANUEL DUNAND

Barclays is expected to announce a £5 billion ($7.7 billion) rights issue and a further $3 billion is asset reductions when it reports its quarterly earnings on July 30. The moves are to bring the bank in line with U.K. leverage regulatory requirements. Regulators reportedly rejected the U.K.'s second biggest bank's request to not become fully compliant until end-2014. The moves would also put Barclays on par with global rivals under the Basel III measure of equity as a proportion of risk-weighted assets. 

YOU MIGHT ALSO LIKE