The Barclays activist investor who wanted a seat on the board just got trounced in a shareholder vote

Activist investor Edward Bramson just failed to gain a seat on the board of Barclays. Bramson called it earlier on Thursday, telling reporters at the bank's annual meeting that he would likely be unsuccessful in his bid to shake up the bank's management. Before the result of the vote, a Barclays spokesman said what will happen next should Bramson lose: “We will get on with business.”Activist investor Edward Bramson's lengthy attempts to gain a seat on the board at Barclays was just foiled by investors, who overwhelmingly voted against him. Following the bank's annual general meeting on Thursday, Barclays announced the result of the vote: More than 87% of shareholders voted against the motion to put Bramson on the board.Bramson made a surprise appearance at the AGM, and has been a thorn in the side of Barclays management in recent months after repeatedly criticising the plans of CEO Jes Staley. Bramson, backed via his fund Sherborne Investors, has said the bank should be slashing costs in its investment banking operations. Bramson foresaw his defeat, telling reporters at the bank's AGM that he understood his bid will likely get voted down for a board position, a resolution that the bank's board claimed would “not be in the best interests of shareholders,” according to documents distributed at the meeting. Before the result of the vote, a Barclays spokesman said what will happen next should Bramson lose: “We will get on with business.”Bramson is reported to have said that he thinks there's an option for keeping the investment bank while making it a worthwhile investment for shareholders, per Reuters. In a letter from retiring chairman John McFarlane handed out to investors at the meeting, the bank outlined reasons to vote against Bramson.Bramson's plan to scale back the investment back would disrupt the strategy and distract the board with a “prolonged round of review and/or restructuring.” Also, Bramson's fund's short term focus incentivizes “near term share price improvement at the potential expense of long-term sustainable shareholder value,” he said in the letter.Shareholders are likely to agree when they vote today. The final vote will be tallied and likely reported at 3 p.m. in London. As a shareholder with a 5.5% stake, Barclays is unlikely to be able to ignore Bramson despite his absence on the board.“A seat on the board is it needed for a shareholder's views to be considered by the board,” Barclays' chairman wrote in his letter to shareholders at the AGM.At the event, CEO Staley repeated his aim to generate “return on tangible equity” — a geeky yardstick banks use to measure returns — at more than 9% this year. Analysts and former investment bank chief Tim Throsby have both expressed skepticism about the possibility of the bank reaching that goal.Business Insider has reported that Throsby at one point pushed back against what he said was a plan to slash compensation costs by 20% in the investment bank amid aims to meet return targets and amid Bramson's call for cost cuts.Barclays has pushed back against that figure, saying no such plan is currently in place.