When the world came to a screeching halt last March, most assumed they’d soon be back in business. More than a year later, many of those temporary cessations have become permanent: Lord & Taylor and Century 21 are gone for good, along with one in 10 U.S. restaurants. The Arclight will not reopen. There will be no more 4 a.m. egg creams at Gem Spa. And Edward Bramson will not renew his long-running battle with Jes Staley and Barclays.
“It is a pity that the opportunity did not arise to join the board of Barclays to assist in a turnaround,” Sherborne said in a statement…. Mr. Bramson’s retreat is a vindication for Mr. Staley, who opposed Mr. Bramson’s vision for a smaller, less risk-taking Barclays that would focus more on its bread-and-butter U.K. lending business. He kept a large investment-banking operation, which proved to be a strong source of profits during the pandemic.
There was little love lost during Bramson’s battle with Barclays, but having chosen to take his money (92% of it, anyway, after the losses incurred) to more hospitable climes, he decided to set aside the sharp words for one.
“Business is not a science and so people of goodwill may, therefore, sometimes differ,” Sherborne said Friday.
And with that, he fucked off back to Connecticut.
For more of the latest in litigation, regulation, deals and financial services trends, sign up for Finance Docket, a partnership between Breaking Media publications Above the Law and Dealbreaker.