Barclays chief to meet with activist investor at roadshow
BARCLAYS BOSS Jes Staley will meet face-to-face with Edward Bramson next week, when the activist investor is expected to further elaborate on his vision for the banking giant.
Mr Bramson, through his investment vehicle Sherborne, holds a 5.5 per cent stake in Barclays and will be meeting the bank chief and finance director, Tushar Morzaria, in New York on Tuesday as part of a shareholder roadshow.
Since coming clean about Sherborne’s holding in Barclays last year, Mr Bramson has called for the lender to curtail its investment banking arm, increase returns for investors and demanded a board seat.
In January, Mr Bramson said the corporate and investment bank has “legacy strategic weaknesses in customer and product mix that fundamentally limit the yield on assets it can achieve”.
It is understood Mr Bramson has been attempting to drum up support from other investors in the bank for his proposals.
However, both Mr Staley and Barclays’ outgoing chairman John McFarlane have recommended shareholders oppose his appointment to the top table.
Mr Staley said in February: “I think the more engagement that we can have, the better. The more we understand his views and the more he understands our views, the more constructive the dialogue.
“We want to hear his view because banks are very complicated to run and we want to gather all the views and thoughts that our shareholders have. I just don’t believe to have that engagement, he needs to be on the board.”