Barclays posts profit slump after hit from costly trading error in the U.S.

Barclays on Thursday saw a slump in second-quarter profit after taking a substantial provision relating to a costly trading error in the U.S.

The British bank reported a ?1.071 billion ($1.30 billion) net profit attributable to shareholders, meeting expectations of ?1.085 billion expected by analysts, according to Refinitiv data. It marked a a 48% slump from the same period a year earlier.

Barclays took litigation and conduct charges of ?1.9 billion for the first half of the year, including a ?1.3 billion cost related to what the bank calls the “over-issuance of securities” in the U.S.

The British bank announced earlier this year that it had sold $15.2 billion more in U.S. investment products — known as structured notes — than it was permitted to.

This is a breaking news story and will be updated shortly.