Apr 8, 2019

Activist investor Bramson renews bid for Barclays board

The activist investor pushing for Barclays to shrink its investment bank has warned there is a "Real threat" that the UK lender will have to raise fresh capital unless it scales back its trading operations. In a letter sent to Barclays shareholders on Monday, Edward Bramson urged them to support his bid to secure a board seat at the bank and compared the lender's investment banking arm to ailing Deutsche Bank. "Continuation on the existing course represents a real threat that more new capital will need to be raised to underpin the activities of the corporate and investment bank," Mr Bramson wrote in the letter. Mr Bramson has amassed a stake of roughly 5.5 per cent in Barclays, making him the company's fourth-biggest shareholder, and is urging other investors to vote him on to the lender's board at its annual meeting on May 2. Mr Bramson argued that Barclays' investment bank was highly reliant on hedge funds and private equity clients rather than more profitable global corporations.

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