LONDON (Reuters) - Activist investor Edward Bramson has admitted defeat in his battle for a seat on the board at Barclays, saying he knows top shareholders have voted against his bid to overhaul the under-fire investment bank as an insider.
Speaking to reporters on the sidelines of the lender’s annual general meeting on Thursday, the activist said fellow investors had been swayed by personal appeals from Barclays’ incoming Chairman Nigel Higgins for the opportunity to resolve long-standing problems.
Bramson said his investment fund disagreed with giving the bank more time, arguing that he had seen little change at Barclays until the past six weeks, when Tim Throsby, former boss of Barclays International was pushed out.
The activist said there was an option to keep Barclays’ investment bank but only if it could become a worthwhile asset for investors.
Reporting By Sinead Cruise and Lawrence White, editing by Iain Withers