Barclays blasts Bramson

BARCLAYS boss Jes Staley has slammed corporate raider Edward Bramson for short-selling the bank’s stock while he pushes for a seat on the board.

The chief executive said it didn’t ‘make sense’ for Bramson to seek a non-executive director role while he gambles on a drop in Barclays’ value.

Bramson has a 5.51pc stake through his fund Sherborne Investors. But he has also shortsold 500m of shares – meaning he will make money from them if the price falls – to offset losses in the rest of his portfolio if Barclays’ stock drops.

The 68-year-old wants Barclays shareholders to vote him onto its board at the bank’s annual meeting next month.

But Staley said Bramson did not have Barclay’s best interests at heart. The 62-year-old told CNBC: ‘Having someone who is short representing long-term shareholders doesn’t make sense.’