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Barclays Activist Bramson Slams British Bank’s ‘Destructive Strategy’

  • Bramson says he is waiting for chairman’s plan to emerge
  • Investment bank remains structurally uncompetitive: Bramson

Barclays Plc’s activist investor Edward Bramson has taken a fresh swipe at the bank, telling his investors that its new chairman must address the lender’s “destructive strategy.”

Bramson, who became one of Barclays’s top investors last year, said in a recent letter seen by Bloomberg News that the securities unit is still far from competitive. However, it’s too early to draw a conclusion on whether Nigel Higgins, who took over the chairmanship in May, is making the right changes, Bramson wrote. Barclays’s Chief Executive Officer Jes Staley has been the key defender of its investment bank since taking the reins in 2015.