Why even the most fruitful investor lovefests are not without their share of the passing morning-after tussle. By broadening its circle of diverse bedfellows, Barclays now must contend with the jealous incumbents, who, shall we say, are none too thrilled by the notion of sharing the joy (read: spoils).

Several large shareholders have in recent days criticised John Varley, Barclays' chief executive, and said they would push for an improvement in the terms of the fund raising, which will see Middle Eastern investors owning about one third of Barclays.

Under the terms of the current deal, institutional shareholders were only offered £1.5bn of "mandatorily convertible notes", which will convert to ordinary equity by next June at the latest.

UK institutions were not given warrants which convert into new shares, which were made available to the Middle Eastern investors.

Barclays also issued reserve capital instruments, similar to preference shares, which were not offered to the UK shareholders.

Barclays' long-standing shareholders are angry about the warrants, which will convert into £3bn of new shares, and about the coupon and fees Barclays is paying the investors from Qatar and Abu Dhabi.

One larger shareholder said: "We want Varley to find a way for institutions to participate to a greater degree." Another said: "This is highly dilutive. We are very cross."

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