LONDON (Reuters) - British bank Barclays Plc (L:BARC) 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.