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Barclays to raise $12-bn new capital

As part of its efforts to raise new funds, the bank said on Tuesday that it would raise £5.8 bn through a rights issue of stock

Mark Scott  |  London 

Barclays announced on Tuesday that it was raising up to £7.8 billion, or $12 billion, in new capital as the British bank reported a £168-million loss in the second quarter of the year. Barclays, beset by a series of scandals that has forced it to pay huge settlements and set aside billions of pounds for legal costs, has come under pressure from British authorities to improve its capital position after local regulators said the firm's so-called leverage ratio, a measure of how much borrowed money a bank uses, was too low. Legal costs continued to hit the bank's ...

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First Published: Wed, July 31 2013. 00:30 IST