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The firm issued about $36b of investment products after registering with U.S. regulators in August 2019 to sell up to $20.8b. The error will require the firm to repurchase affected securities -- a so-called rescission offer -- at their original price.
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“This kind of seemingly basic error may shake confidence in the investment bank going forward,” said Fahed Kunwar, an analyst at Redburn. “With a new management team in place, there are already questions on the ability of the investment bank to continue to its strong performance.”
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