A Diamond is forever

17 September 2010 By Peter Thal Larsen Follow @Peter_TL

Persistence, skill and a dose of good fortune propelled the UK lender’s new CEO to the top. But in the postcrisis world, enthusiasm must be tempered with caution and diplomacy. It will be up to Barclays’ board of directors to channel Diamond’s expansionist instinct.

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Bob Diamond will replace John Varley as chief executive of Barclays on March 31, 2011, the UK bank said on Sept. 7.

Diamond stressed that he would continue to pursue Barclays' universal banking strategy. Asked which other bank was the model for the Barclays of the future, Mr Diamond told the Financial Times: "If there's one, then JPMorgan is what we're talking about."

Diamond also rejected accusations from UK politicians that Barclays Capital, the investment banking business that he oversees, was similar to a casino.

"It's disappointing when we hear reference that banks are casinos," he told the Sunday Telegraph. "It is just not right to use a phrase like that to encompass investment banking or banking, it is not based on fact and it creates the wrong impression."

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