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LONDON - Barclays PLC (LON:BARC) announced Wednesday it has commenced a share buyback program to purchase up to £1 billion ($1.3 billion) of its ordinary shares, as part of its strategy to reduce the company’s share capital.
The buyback program, which was initially disclosed in an announcement on Tuesday, begins today and will continue until April 23, 2026, subject to ongoing regulatory approval.
Barclays has appointed Citigroup (NYSE:C) Global Markets Limited to execute the share repurchases independently on the London Stock Exchange (LON:LSEG). All shares purchased will be canceled rather than held in treasury.
The bank said Citigroup will make trading decisions without further instruction from Barclays, operating within pre-set parameters and in accordance with shareholder authorization granted at the company’s annual general meeting on May 7, 2025.
The maximum number of ordinary shares that may be repurchased under the program is 1.44 billion, representing the total amount authorized by shareholders at the May meeting.
The buyback will comply with UK Listing Rules, Market Abuse Regulation requirements, and other applicable laws, according to the company’s statement. No repurchases will be made in the United States or in respect of Barclays’ American Depositary Receipts.
The announcement comes as part of the banking giant’s capital management strategy, based on information provided in the company’s press release.
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