Barclays hit by $361 million penalty over issuance of securities

The logo of Barclays bank is seen on glass lamps outside of a branch of the bank in the City of London financial district in London September 4, 2017. REUTERS/Toby Melville

Sept 29 (Reuters) - British bank Barclays (BARC.L) agreed to a $361 million penalty over internal control failures related to the unregistered offer and sale of "an unprecedented amount" of securities, the U.S. Securities and Exchange Commission said on Thursday.

"While we acknowledge Barclays’ efforts to identify, disclose and remediate this conduct, the control deficiencies and the scope of the conduct at issue here was simply staggering," the director of the SEC’s Division of Enforcement, Gurbir Grewal, said in a news release.

(This story corrects headline and first paragraph to make clear $361 million was size of penalty, not payment)

Reporting by Kanishka Singh in Washington; writing by Costas Pitas; editing by Tim Ahmann

Our Standards: The Thomson Reuters Trust Principles.