News / UK and world by Press Association February 15, 2019, 1:58 pm Send us a story Sign up to our Daily newsletter Barclays is set to reveal a steep fall in annual profits on Thursday, adding to the banking giant’s headaches as it comes under pressure from an activist investor. The lender is expected to report pre-tax profits of £2.94 billion, down 17% from £3.54 billion in 2017, as it counts the cost of litigation and conduct charges, according to analysts at Morgan Stanley. It comes as Barclays faces the threat of activist investor Edward Bramson muscling his way on to the board, ramping up calls for the lender to curtail its investment arm and increase returns for investors. Mr Bramson’s investment vehicle Sherborne Investors – through which the New York-based investor has built a 5.5% stake – has submitted a resolution to Barclays to be considered at the annual general meeting on May 2 to appoint him to the board of directors. The annual results also come amid the high-profile criminal trial against ex-Barclays boss John Varley and three of his former colleagues over emergency fundraising from Qatar at the height of the financial crisis. The UK’s Serious Fraud Office (SFO) claims the… Read full this story
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