Activist investor Edward Bramson suffers defeat in bid for board seat at Barclays
Some 87.2% of shareholders voted against the election of Bramson
Company
LON:BARC
Barclays is a global financial services provider engaged in retail banking, credit cards, corporate and investment banking and wealth management. It operates through branches, offices and subsidiaries in the United Kingdom and overseas.
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Some 87.2% of shareholders voted against the election of Bramson
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The UK blue-chip index finished down nearly 34 at 7,351, while its mid-cap cousin FTSE 250 lost over 127 points
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On the corporate front there will be another big batch of blue-chip updates to digest, notably from oil major Shell and banking giant Lloyds
It comes after latest data showed that core inflation in the US was flat last month (March) while consumer spending rose
Barclays said the investment bank was hurt by reduced client activity, lower volatility and a smaller banking fee pool across the industry
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The FTSE 100 index closed 37.62 points, or 0.5% lower at 7,434.13, albeit above the session low of 7,405.99 as US stocks continued to post big falls on Thursday
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Aside from Barclays numbers, the Day Ahead will also bring updates from the likes of Taylor Wimpey and RELX, plus the final CMA decision on the planned Sainsbury's/Asda merger
Lloyds seems to be doing the best job of countering headwinds facing the sector, according to AJ Bell investment director Russ Mould
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After hitting a six-month high on Tuesday afternoon, London's blue-chips took a step back on Wednesday
The bank is also said to be planning to crack down on promotions for its bankers
Investments and investor services
The UK blue-chip index finished up around 63 points at 7,523
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The Week Ahead will bring updates from the likes of Royal Bank of Scotland and Barclays, plus drugs giant AstraZeneca, and media groups WPP, Pearson and WPP
Jefferies maintained a ‘buy’ rating on Barclays but raised its target price to 280p from 263p
Barclays boss Jes Staley believes "we need a more granular execution focus" on the investment bank division in order to improve returns
The biometric card RBS is developing would mean customers would not need to use a pin code to verify transactions over the £30 limit currently set on contactless payments
OneSavingsBank and Charter Court Financial Services said a merger would create a specialised mortgage lender with greater scale and resources to take advantage of growth opportunities
The use of a US$1.4bn loan from Bank of America by the activist investor to purchase shares in Barclays has caused quite a stir among other major shareholders
The UK's premier share index closed down around 32 points at 7,074
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Its set to be a busy day for blue-chip news in London on Thursday.
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The Week Ahead will also bring a trading update from AB Foods, plus final results from Standard Chartered, IAG, Persimmon, Rightmove, as well as the latest US GDP data