Barclays PLC (LSE:BARC) has commenced the share buyback programme announced on 23 February 2022.
The bank has earmarked £1,000mln for the programme, which will run to the end of September. The maximum number of shares that may be repurchased under the scheme is 1,676mln, which implies an average purchase price of 167.6p; Barclays shares currently trade at 163.6p, up 3.7% on the day.
The purpose of the buyback is to reduce the share capital of the company and therefore shares purchased under the programme will be cancelled.