Tuesday 12 December 2017

Daniel Knowles: Bob Diamond had to go - but it's not Libor fixing which has ruined the global economy

Bob Diamond goes in with a cricket bat...
Bob Diamond goes in with a cricket bat...

EVEN a Diamond, it turns out, can be cracked – this morning, several days after it became inevitable, the Chief Executive of Barclays, Bob Diamond, announced his resignation from the company.

“The external pressure placed on Barclays has reached a level that risks damaging the franchise – I cannot let that happen" he said, in a statement. "I am deeply disappointed that the impression created by the events announced last week about what Barclays and its people stand for could not be further from the truth."

Bob has become a figurehead for the failure of the banking sector to reform. In January, the banker, who has been paid around £75 million in the last five years, told the Treasury Select Committee that "There have been apologies and remorse from bankers. What we need is a dose of confidence; we need to think about what's best for the economy of the UK". It was reported everywhere that he said the time for remorse is over.

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