Apr 25, 2019

Barclays posts mixed results ahead of Bramson showdown

Barclays' trading division published mixed results for the first quarter, muddying the picture ahead of a boardroom showdown with an activist investor next week. Overall, the bank's trading floors posted a 6.2 per cent decline in revenue versus last year, in a performance that stood up well against its larger Wall Street rivals, which reported a 14 per cent decline on average. Mr Bramson has amassed a 5.5 per stake in the bank - making him its third-largest shareholder - and is seeking to win election to the board at the meeting next Thursday. The uneven performance of the trading division in the first quarter means that neither Barclays nor Edward Bramson has a clear narrative ahead of the bank's annual meeting next week. Revenues of £5.3bn were down 2 per cent compared to last year and were 3.2 per cent below analyst expectations.

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