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Activist Bramson still pushing for Barclays overhaul

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Activist Bramson still pushing for Barclays overhaul

Edward Bramson, the shareholder activist, is still trying to get Barclays PLC to implement a restructuring, months after he lost his bid to secure a seat on the bank's board, Reuters reported.

According to the half-year report of Bramson's Sherborne Investors C, it had advised the bank's board that an overhaul could improve the lender's financial strength and long-term competitive position and increase shareholder value. The fund intends to continue discussions with the bank, the newswire wrote Aug. 20.

During Barclays' annual general meeting in May, Bramson failed to get himself elected as a board member, with over 87% of investors voting against him. Bramson has been campaigning for Barclays to scale back its investment banking operations, arguing that it cannot compete with Wall Street giants and could better employ its capital elsewhere.