Barclays Plc is reaping the benefit of ex-Chief Executive Officer Robert Diamond’s decision to buy Lehman Brothers Holdings Inc.’s North American unit, as the division helped to push equities revenue up 19 percent.
As 1,100 managing directors from Barclays Capital descended on the Grosvenor House hotel near London’s Hyde Park in late September, they had more to celebrate than having successfully swallowed the North American unit of Lehman Brothers Holdings Inc. two years earlier. Their guy, Bob Diamond , the Massachusetts-born founder of Barclays Capital, had just been handed the top job at parent Barclays Plc in a sign of how he had transformed the 320-year-old British institution in his 14 years as investment bank chief, Bloomberg Markets magazine reports in its January issue.
Former Barclays Plc Chief Executive Officer Bob Diamond and Jerry Del Missier, the former chief operating officer of the bank, were among those who failed to block publication of their names in connection to the U.K.’s first lawsuit tied to the rigging of Libor.
Robert Diamond, who quit as head of Barclays Plc last week after allegations that interest rates had been rigged, denied he misled Parliament on relations with regulators and said he’d be willing to discuss the matter again.
Kweku Adoboli, the former UBS AG trader jailed over losing $2.3 billion, said financial leaders including JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon and former Barclays Plc CEO Bob Diamond were better at making money because of risks taken earlier in their careers.
Barclays Plc, the U.K.’s second- largest bank by assets, will cut its bonus pool as it sets aside an additional 1 billion pounds ($1.6 billion) to cover mis- selling of payment-protection insurance and other products.
If we take Bob Diamond and Paul Tucker at their word, part of the Libor scandal at Barclays Plc can be chalked up to a series of comic misunderstandings, like a children’s game of telephone. It’s a bit much to swallow, but the spectacle sure has been fun to watch.