Barclays taking $2.7 billion in write-downs, charges

Discussion in 'Stocks' started by ASusilovic, Nov 15, 2007.

  1. he Barclays Capital investment banking division of U.K. bank Barclays said it's taking 1.3 billion pounds ($2.7 billion) in write-downs during the third quarter and October, on a combination of the impact of rating agency downgrades on a broad range of collateralized debt obligations and the subsequent market downturn. In the update, brought forward by two weeks, Barclays says it has 7.3 billion pounds of exposure from unsold underwriting positions in leveraged finance and 19 billion pounds of exposure to its own, on-balance-sheet conduits. Barclays Capital said its 10-month profit was 1.9 billion pounds, up from last year.