American Diamond announced as CEO
(7 September 2010 – UK) Infamous banker and US national Bob Diamond has been appointed as the next chief executive officer of Barclays.
Barclays said that British banker John Varley would step down at the end of March 2011, after more than six years at the helm.
Mr Diamond is currently head of Barclays Capital and has been credited with the bank’s transformation from a well-run retail bank to an investment bank capable of competing with Wall Street giants.
Mr Diamond said that he was honoured by the board's confidence and greatly motivated by the challenge of leading Barclays during the critical period ahead.
Currently New York-based, Mr Diamond, who will relocate to London, will become deputy chief executive on October 1 ahead of replacing Mr Varley.
Mr Diamond is one of the world's highest paid bankers thanks to his success in running Barclays Capital, which in recent years has provided the bulk of the bank's profits.
As a result of his large salary package Mr Diamond had come under intense criticism, even catching the attention of the then business minister Peter Mandelson, who described him as the ‘unacceptable face of banking’.
Mr Mandelson had accused Mr Diamond of receiving a bonus worth tens of millions of pound, which Barclays denied.
On Tuesday, Barclays chairman Marcus Agius expressed his delight at Diamond's appointment.
Mr Diamond is superbly qualified, with more than 30 years' experience in the banking sector, the last 14 of which have been with Barclays, Mr Agius said in a statement.
Mr Diamond is currently head of Barclays Capital and has been credited with the bank’s transformation from a well-run retail bank to an investment bank capable of competing with Wall Street giants.
Mr Diamond said that he was honoured by the board's confidence and greatly motivated by the challenge of leading Barclays during the critical period ahead.
Currently New York-based, Mr Diamond, who will relocate to London, will become deputy chief executive on October 1 ahead of replacing Mr Varley.
Mr Diamond is one of the world's highest paid bankers thanks to his success in running Barclays Capital, which in recent years has provided the bulk of the bank's profits.
As a result of his large salary package Mr Diamond had come under intense criticism, even catching the attention of the then business minister Peter Mandelson, who described him as the ‘unacceptable face of banking’.
Mr Mandelson had accused Mr Diamond of receiving a bonus worth tens of millions of pound, which Barclays denied.
On Tuesday, Barclays chairman Marcus Agius expressed his delight at Diamond's appointment.
Mr Diamond is superbly qualified, with more than 30 years' experience in the banking sector, the last 14 of which have been with Barclays, Mr Agius said in a statement.
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