Diamond blames banking downfall on a ‘series of unfortunate events’
The banking chief admitted feeling “physically ill” when he discovered traders had fiddled the key Libor rate but denied he was “personally culpable”.
He was hauled before the Treasury Select Committee after Barclays was fined £290m by UK and US regulators for fixing the Libor rate which affects loans and mortgages everywhere.
Advertisement
Hide AdAdvertisement
Hide AdThe banker declared his “love” for Barclays, adding: “At the core of the issues there clearly were mistakes, clearly there was behaviour that was reprehensible.”
He repeatedly stated the traders’ behaviour was “wrong” and that he was “disappointed”, “angry” and “sorry”. He added: “This was wrong. I’m not happy about it.”
But when faced with questions over his pay or bonuses, he was more evasive, saying: “That is a question for the board.”
Bassetlaw MP John Mann pushed Mr Diamond to give up millions of pounds he could be due in shares.
Advertisement
Hide AdAdvertisement
Hide AdChallenged that not having known about the abuses amounted to gross incompetence, Mr Diamond stressed that the investigation he had put in place was “market leading”.
“As I said earlier, that is a discussion with the board. I don’t make that decision,” the banker replied.
Mr Diamond dodged a call from Mr Mann for him to make amends by giving some “serious money” to charity.
The details of his exit package are still reportedly being thrashed out with claims that he will be asked to hand back nearly £20m.
Mr Diamond is estimated to have received £120m since joining Barclays’ board in 2005. He took home nearly £18m last year.
Labour ‘leaned on bank’: Page 4; Comment: Page 12.