Bob Diamond profile: Joining the global elite proves a thorny prize

By CRAIG BROWN
Published on 04/07/2012 01:38

AS BARCLAYS’ chief executive, Bob Diamond was among the world’s richest and most successful bankers.

But success brought controversy, and the 60-year-old was once described by former Labour minister Lord Mandelson as the “unacceptable face of banking” on account of his lavish pay deals, which have amassed him an estimated fortune of about £105 million.

American by birth, though he now holds UK citizenship, Mr Diamond grew up in Massachusetts as one of nine children of schoolteachers. He began his working life lecturing at the University of Connecticut’s Business School in 1976.

Before joining Barclays in 1996, Mr Diamond held senior roles at Crédit Suisse First Boston in Tokyo and New York, and at Morgan Stanley International.

Within days of being appointed head of Barclay’s on 1 January last year, he angered some MPs by saying the time for “remorse and apology” was over, as banks looked to support recovery.

With his departure, Marcus Agius, who had announced his resignation over the Libor scandal was reinstated as “full-time chairman” of Barclay’s until a new chief executive can be found.