May 3, 2019
Bramson’s defeat does not let Staley off the hook at Barclays
The overwhelming defeat for Mr Bramson - he attracted just 6 per cent of votes other than those he held himself - is not an outright victory for long-termism and the bank's institutional shareholders. Jes Staley, chief executive, must now do anything and everything to hit this year's return on tangible equity target at the bank to prove Mr Bramson wrong. On an adjusted basis, which strips out the impact of foreign exchange, the bank's total operating expenses were 3.2 per cent higher than the same quarter of last year at $8.1bn. David Crow, our banking editor, has the full story here. UK retail landlord Intu predicted rental income this year would drop more than expected after the rise in forced restructurings by a series of retailers like Debenhams - which accounts for 3 per cent of Intu's rent roll - and Top Shop-owner Arcadia. After a steady showing for Asian indices, London's FTSE 100 was expected to tick up 0.2 per cent, with Frankfurt's Xetra Dax 30 set to rise by 0.1 per cent.
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