British bank Barclays categorically denied rumors it was about to announce a $10 billion writedown and see its top management quit, after such market talk sent its shares tumbling over 9 percent.
"There is absolutely no substance to those rumors," a spokesman for Britain's third biggest bank said when asked about a possible $10 billion writedown.
The denial failed to fully dispel fears that Barclays has a sizeable exposure to deepening credit market turmoil, which was sparked by a U.S. subprime housing crisis and has seen many of Wall Street's biggest banks write down billions of dollars.
The Barclays spokesman also said there was "absolutely no substance" to talk the bank planned an emergency rights issue or that John Varley, its chief executive, or Bob Diamond, head of its Barclays Capital investment bank unit, planned to resign.
He declined to comment on talk that the bank may issue an emergency statement, but reiterated it planned to issue a trading update on Nov 27.
Barclays shares had pared losses but were still down 2.9 percent at 472 pence.
The shares had earlier crashed to 442p, their lowest level since July 2004, as talk swirled that it faces big credit market related losses.