Barclays said it expects to record a £450m ($593.1m) hit net of tax after over-issuing securities under its US shelf registration exceeded the registered amount.

The British bank said on 28 March that after determining it oversold the securities for around a year, it has given rise to a right of rescission, or cancellation, among certain purchasers of the securities, requiring it to repurchase them at the original purchase price.