Bob Diamond, the ex-boss of Barclays has expressed his concerns regarding the attitude depicted by the banks in the recent times. According to him, the banks have become extremely cautious to take a risk. This approach clearly depicts that the banks are incapable to administer or help in the generation of jobs and growth of the economy. He also stated that the banking culture has taken a different turn and fines every wrongdoer otherwise gets into trouble itself.
Bob Diamond is a prominent name in the banking sector as he had transformed Barclays from an average retail bank into an investment powerhouse.
Barclays got financial support from the Middle Eastern investors that helped it survive during the time when the RBS wanted the taxpayer bailout worth £45 billion. Bob Diamond also stated that Barclays, as well as HSBC, must be praised for private capital boost. He stated that the people must express their concerns regarding the failure of RBS to repay the money to them even after 10 years. On the other hand, the private investors, who have spent their capital on Barclays, enjoyed greater returns.
He praised the culture of Barclays, during his reign, by stating that the not only Barclay’s employees but also the workers from the other banks had set up the market that also included foreign exchange, precious metal, energy prices, and benchmarks of interest rate. He further stated that the culture of the bank was worth appreciation but has lost the touch in the recent times.
Mr. Diamond is famous for his risk-taking attitude and was also designated as casino banker. This attitude not only attracted negative feelings for him but also compelled him to resign from his position in 2012. The Bank of England’s governor also lost the confidence in him due to Libor Scandal.
Later, Peter Mandelson changed his heart for him.