May 2, 2019

Barclays sees off Edward Bramson as rebel investor concedes defeat

A rebel investor has conceded that he has lost in his attempt to join the board of Barclays after a majority of shareholders voted against the plan. Edward Bramson said he knew top shareholders had voted against him becoming a director at the bank's annual general meeting. Mr Bramson, who is famed for shaking up companies, wants Barclays to scale back its investment bank to boost returns. Mr Bramson argues that Barclays' investment bank - which helps firm sell shares and advises on takeovers - is not profitable enough and that management should focus on the lender's retail bank. Barclays boss Jes Staley has also said it would be a mistake for Barclays, the UK's last home-grown investment bank, to desert global capital markets.

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