Barclays ended 2018 on a high, despite the rough patch for European bank stocks in general, having reached its target of double-digit top-line growth. “We exceeded our goal, ending up in the mid-teens,” says Reid Marsh, head of banking for Europe, the Middle East and Asia-Pacific. Mr Marsh was appointed in this role in September 2017, and the investment banking unit has been on a growth trajectory ever since.
But just as the UK bank is gathering pace, so too is activist investor Sherborne’s campaign to push for the corporate and investment bank (CIB) to be unwound. Edward Bramson, who heads up the fund, is pushing for a Barclays board seat and sent an open letter outlining the issues around leverage and profitability for the investment bank. Sherborne built up a stake of about 5% over 2018, but up until this point kept discussions private. The gloves are off, it seems.
