Barclays shares fall after top investor offloads $1.2 billion stake

Shares in Barclays fell as much as 6% in early trading on Tuesday, after one of its top investors offloaded a $1.2 billion chunk of stock in the lender at a discount overnight.

An unnamed investor sold 599 million shares on Monday evening, facilitated by Goldman Sachs. The shares are roughly equivalent to a 3.6% stake, according to Refinitiv Eikon data.

The sale deals a further blow to Barclays just a day after it disclosed a compliance blunder leading to an estimated 450 million pound ($589 million) loss for overselling structured products in the United States.

Barclays shares were last down 3.3% at 115.22 pence at 1004 GMT on Tuesday, after tumbling 4% on Monday.

Capital Group offloaded 399 million shares on Monday, according to Eikon data, but it was unclear whether the sale was connected to the transaction managed by Goldman Sachs.

Capital Group is one of the world’s largest investment firms, and parent to the American Funds brand that is popular among millions of U.S. investors and retirement savers.

Capital Group declined to comment.

via Reuters