(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 declined to comment on the matter.

Last month, the chief executive of Barclays, Jes Staley, took direct control of its investment bank and ousted head Tim Throsby in a surprise shake-up.

Barclays has been urging shareholders to oppose Bramson’s bid to be appointed to the bank’s board at its annual general meeting on May 2.

Last week, Bramson made a renewed plea to investors about a seat on the bank’s board.