Aug 2, 2018

Barclays: Staley struggle

Shareholder activists tend to get short shrift at the big banks. From time to time they show up with a small stake and a few ideas about returning more cash, which executives will hear out. Edward Bramson of Sherborne Investors, an activist who bought 5 per cent of Barclays earlier this year, has not caused a great fuss so far. "Let it run" was the refrain of the chief executive, Jes Staley, who since December 2015 has tried to mould Barclays into a transatlantic bank spanning consumer and wholesale businesses. Bank of America and Citigroup, which last switched chief executives in 2010 and 2012, are still posting single-digit ROEs despite big boosts from lower taxes.

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