Barclays says has spent $150 million on U.S. 'living will'
LONDON (Reuters) - British bank Barclays Plc said it has spent more than $150 million (£96 million) to develop a resolution plan for its U.S. operations that would allow it to be wound down if the bank hits trouble.
In a submission to the U.S. Federal Reserve regarding plans for its so-called "living will", Barclays said it plans to shrink the size of its U.S. unit Barclays Capital Inc. to $185-215 billion by July 2016, from $248 billion at the end of 2014 and as much as $521 billion in 2010.
"Barclays has a global recovery planning process in place that includes a range of feasible options available to manage the viability of the group during stressed conditions," it said in its 54 page disclosure released on Monday.
(Reporting by Steve Slater. Editing by Carmel Crimmins)
