Barclays investors want talks over decision to reduce dividends

Barclays Canary Wharf

A number of leading investors in Barclays are to demand showdown talks with the bank's top independent director over its shock decision to slash its dividend for the next two years.

Sky News reports they have learnt that several major Barclays shareholders want to meet Sir Gerry Grimstone, who only took over from Sir Mike Rake as its deputy chairman less than 10 weeks ago.

The investors are unhappy that the decision to cut the bank's dividend by more than half in 2016 - with the same payout for the following year - following contradictory remarks made by chairman John McFarlane last autumn.

One institution which is set to request talks with Sir Gerry highlighted a letter to shareholders from Mr McFarlane in September, which said: "We are taking action to accelerate earnings growth, return on equity and capital generation in order to have the capacity to invest in the business and to increase dividends."

To access the complete Sky News article hit the link below:

Barclays Investors Demand Talks Over Divi Cut

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