Featured Posts

Chase Bank Limits Cash Withdrawals, Bans International... Before you read this report, remember to sign up to for 100% free stock alerts Chase Bank has moved to limit cash withdrawals while banning business customers from sending...

Read more

Richemont chairman Johann Rupert to take 'grey gap... Billionaire 62-year-old to take 12 months off from Cartier and Montblanc luxury goods groupRichemont's chairman and founder Johann Rupert is to take a year off from September, leaving management of the...

Read more

Cambodia: aftermath of fatal shoe factory collapse... Workers clear rubble following the collapse of a shoe factory in Kampong Speu, Cambodia, on Thursday

Read more

Spate of recent shock departures by 50-something CEOs While the rising financial rewards of running a modern multinational have been well publicised, executive recruiters say the pressures of the job have also been ratcheted upOn approaching his 60th birthday...

Read more

UK Uncut loses legal challenge over Goldman Sachs tax... While judge agreed the deal was 'not a glorious episode in the history of the Revenue', he ruled it was not unlawfulCampaign group UK Uncut Legal Action has lost its high court challenge over the legality...

Read more

Bob Diamond the defiant stands alone again

Category : Business

As the Libor scandal broke, Barclays’ boss did what you might expect from the man who unilaterally declared an end to City remorse for the credit crunch: he strode into an analysts’ office to say he wouldn’t be resigning

Bob Diamond strode into the offices of Morgan Stanley on Thursday in defiant mood. The boss of Barclays – facing calls for his resignation following the bank’s record-breaking £290m fine for attempting to rig interest rates – was determined to tell the analysts who recommend buying or selling Barclays’ shares that he had no intention of walking away from a 15-year career at the bank.

The atmosphere was “tense,” as one insider put it, and the pressure was on. Barclays’ shares were on the slide. By the end of the week, more than £4bn had been wiped off their value – over 15% – in the 72 hours since the fine was revealed by regulators on both sides of the Atlantic, unleashing a wave of condemnation about the culture inside the bank.

Diamond, a US-born former lecturer who has been speaking recently about his desire to make the bank a better corporate citizen, was reportedly unequivocal. “The CEO says he has no intention of standing down,” the Morgan Stanley analysts said in their account of the meeting. “Further, the CEO was appointed 18

Penny Stock Picks

Post to Twitter

Post a comment