Barclays Share News (BARC)

(Sharecast News) - Barclays has thwarted a bid by Edward Bramson to force his way on to the board, the activist investor conceded before the bank's annual meeting.Bramson said he expected shareholders to vote against his attempt to join the board at the AGM in London, Dow Jones reported. Nigel Higgins, Barclays' incoming chairman, had asked shareholders to vote against his appointment, he added.Bramson's Sherborne Investors has a 5.5% stake in Barclays and has called for the bank to scale back its investment banking business to improve returns for shareholders. The New York-based investor has been seeking support from other investors and applying pressure to Barclays for more than a year.Bramson's demands set him against Barclays' chief executive Jes Staley, who has argued for the bank keeping a broad range of businesses. Some shareholders have become impatient with Barclays after years of underperformance and have grown weary of its investment bank whose fortunes have fluctuated wildly over three decades.Barclays' departing chairman John McFarlane told the meeting the board was united in opposing Bramson's appointment "which we believe would destabilise the company, particularly as we have recovered from a turbulent past and have only recently emerged in a much stronger position. We remain engaged with Mr. Bramson and his colleagues and are open to further dialogue."Bramson told Dow Jones it was reasonable for Higgins to ask for time to address the bank's problems but said he was "expecting to see results". He said his attempt to join the board had been productive because it prompted "a public recognition that the strategy isn't working".Barclays has held talks with Bramson and appears to have responded to some of his criticisms. It has acknowledged that returns at the investment bank are too low and has declared a tougher line on pay at the division. McFarlane, a target for shareholder criticism, will make way for Higgins at Thursday's meeting.McFarlane and Staley told the meeting Barclays had turned a corner after years of upheaval and regulatory fines after the financial crisis. Staley said the bank's strength was in its diversity of businesses and markets.Staley said: "Your management team is very aware of the execution challenges we must still meet in order to deliver acceptable returns and on a consistent basis, particularly in the corporate and investment bank."Bramson has made money for his investors by buying stakes in a series of UK companies, forcing his way on to the board and implementing cost cuts and other measures to boost returns. Barclays is his biggest bet yet and some doubt his ability to dictate to a highly regulated FTSE 100 company.