Barclays to write-down $1.34 billion as a result of the overhaul of the U.S. tax code

Significantly, its Tier 1 capital ratio is also impacted by the overhaul.

British lending giant Barclays disclosed that it expects to write-down nearly $1.34 billion (1 billion pounds) from its annual post-tax profit as a result of the U.S. tax overhaul, said the bank in a statement.

Barclays also said its common equity Tier 1 capital ratio, a key measure of its financial strength, is likely to fall by around 20 basis points as a result of the U.S. tax code.

The impact of the tax legislation will be accounted for in its results for the year to the end of December 2017.

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