(Reuters) – Barclays Plc is planning to cut bonuses for investment bankers as it steps up its defence against activist investor Edward Bramson ahead of next week’s annual meeting, the Financial Times reported on Monday.

The British bank is cutting bonuses as part of a cost-cutting measure to enhance returns at the bank’s underperforming investment division, the FT said, citing several people briefed on the plans.

Monday was a public holiday in Britain and Barclays was not immediately available for a request seeking comment.

Earlier this month Barclays urged shareholders to oppose New York-based Bramson’s bid to be appointed to the bank’s board at its annual general meeting on May 2.

(Reporting by Mekhla Raina in Bengaluru)