This is because the British bank issued more securities in the United States than it had permission for in March.

It exceeded a limit of $15.2bn (£12.65bn) set in August 2019 by the US regulator.

As a result of the error in its structured product business, Barclays will buy back $17.6bn worth of structured notes and exchange-traded notes. That represents 3,000 securities that Barclays is looking to recover, the Times reports.

Barclays’s buyback offer will start on 1 August and close on 12 September. It means it will be open for 30 working days.

Barclays chief executive Coimbatore Sundararajan Venkatakrishnan said back in April that he was “deeply disappointed” with the mistake.

The bank had to delay the start of a £1bn cash return to its shareholders as a result.

It included a £540m provision in the first-quarter results for this mistake.

Due to markets falling sharply since the blunder was revealed, analysts believe Barclays will pay further charges over the matter in its half-year figures.

The bank stated its exposure to such movements is not fully hedged.

Regulators in the US and UK are investigating the incident.

Barclays may have to be pay a fine as a result.

Earlier this year, the Money and Pensions Service named Barclays former UK chief executive Matt Hammerstein as the new chair of its advisory group.

He took over from Vim Maru – who stepped down after more than two years in the role.