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Activist investor Edward Bramson still calling for overhaul of Barclays investment bank

“The investment manager’s present intention is to continue its dialogue with Barclays for as long as it appears to be appropriate to do so,” Sherborne Investors said

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Activist investor Edward Bramson is still urging Barclays PLC (LON:BARC) to scale back its investment bank, three months after losing his bid for a seat on the board.

Bramson’s investment vehicle Sherborne Investors C said in a half-year report on Tuesday that it had told Barclays that an overhaul of the investment bank could improve its financial strength and increase shareholder value.

“The investment manager’s present intention is to continue its dialogue with Barclays for as long as it appears to be appropriate to do so,” it said.

At the bank’s annual general meeting in May, shareholders voted against Bramson’s request for a boardroom seat to push forward his proposal to downsize the investment bank.  

Sherborne Investors C, which owns a 5.48% stake in Barclays worth about £1.3bn, said on Tuesday that it “continues to pursue its strategy” to improve the value of its holdings.

Barclays has ignored Bramson’s calls to streamline its investment bank as it believes it can improve the performance of the division.

In the first half, revenues at the investment bank were broadly flat compared to a year ago at £5.3bn.

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Price: 177.00784 GBX

LSE:BARC
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Market Cap: £30.67 billion
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