Barclays seeks $9 billion from shareholders to appease regulator

 http://www.reuters.com/article/2013/07/30/us-barclays-capital-idUSBRE96T07I20130730


The Bank of England's Prudential Regulation Authority (PRA) said on Tuesday Barclays needed an extra 12.8 billion pounds to strengthen its capital reserves against potential market shocks, more than an estimate of about 7 billion a month ago, due mainly to tougher European rules on the way banks measure risks.
It gave the bank a year to fill the gap, requiring it to speed up a plan to rebuild capital and turn to shareholders.
Barclays, Britain's third biggest bank and the sixth largest in Europe, announced the fundraising alongside another 2 billion pound charge for mis-selling products and said it was also pushing back a key profitability target.
Banks across Europe are battling to meet tougher regulations aimed at preventing a repeat of the financial crisis, and many are struggling to move on from past misdeeds. Deutsche Bank (DBKGn.DE), for example, missed second-quarter profit forecasts on Tuesday, hit by higher legal costs.