BARC Barclays Plc

By Margot Patrick 

Barclays PLC saw off an effort by Edward Bramson to win a seat on its board, with the activist investor conceding defeat before the formal vote Thursday.

Mr. Bramson said he expected a heavy vote against him after talking to big Barclays shareholders in recent weeks. In comments to reporters before the meeting started, he said those shareholders had been asked by new chairman Nigel Higgins to hold off any action.

Mr. Bramson said his investment firm, Sherborne Investors, considers it fair to give Mr. Higgins a chance to fix the bank himself. Mr. Higgins officially starts in the chairman role Thursday.

However Mr. Bramson cautioned that "we're expecting to see results."

He said his effort to get on the board was positive because it triggered "a public recognition that the strategy isn't working."

Sherborne has said it wants Barclays to reassess its strategy combining retail, business and investment banking, and to consider scaling back the investment bank. Barclays Chief Executive Jes Staley and the board have dismissed that request as unnecessary.

Write to Margot Patrick at margot.patrick@wsj.com

(END) Dow Jones Newswires

May 02, 2019 06:49 ET (10:49 GMT)

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