An opening for Bob Diamond to become top dog on Wall Street
Wednesday 08 September 2010
Lloyd is compromised and Jamie is insufferable, so there's an opening for Bob. Among the (very) small number of Wall Street chief executives who steered their firms intact through the financial crisis, there is a competition developing for who will be seen as the industry's top dog.
Bob Diamond, who captured Lehman Brothers broker dealer business for Barclays Capital in 2008, has been styling himself as a Wall Street spokesman, and where JPMorgan Chase boss Jamie Dimon has taken a combative tone against bank bashing, Mr Diamond's has looked to mollify.
Behind the scenes, though, he has been lobbying vigorously for the industry, and his personal star has risen along with that of Barclays. With his background as an American football player at college, and an obsession with the Red Sox baseball team, he is the quintessential jock, and therefore the quintessential American banker. Colleagues say he is tough to work for – but fair, of course.
Just three or four years ago, Barclays advertised itself as the biggest/fastest growing/most dynamic Wall Street firm you had never heard of. It put its name, at great expense, on a massive new basketball stadium planned for the New Jersey Nets and on The Barclays PGA golf tournament, but this only looked like striving.
It was only when it snatched the best of Lehman out of bankruptcy that the rest of the finance world woke up to the fearlessness of Mr Diamond. Ken Lewis at Bank of America bought Merrill Lynch three days earlier, and ended up damned as reckless; Mr Diamond's deal worked out for shareholders, and that, at the end of the day, is what wins reputations.
- 1 Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
- 2 Maisie Williams has an excellent message for one confused fan
- 3 Puerto Rico, island of lost dreams: People are leaving the debt-hit territory in droves as near neighbour Cuba's star rises
- 4 Tampon tax scrapped in Canada after petition convinces conservative government
- 5 Kate Moss on the naked Calvin Klein shoot and the obsession that ended her relationship
Saudi Arabia mosque bombing: Two volunteer security guards hailed as heroes for stopping Isis suicide bomber reaching worshippers
Maisie Williams has an excellent message for one confused fan
Archaeologists discover 2,400-year-old gold bongs in Russia
Tampon tax scrapped in Canada after petition convinces conservative government
Migrants in Kos: Photos show real tragedy after British tourists complain of 'awkward' holidays
EU referendum: David Cameron's rules are a 'democratic disgrace', says French-born Scottish politician set to be denied a vote
British tourists complain that impoverished boat migrants are making holidays 'awkward' in Kos
A nation of inequality: How the UK is failing to feed its most vulnerable people
Australian man punched in the face for defending Muslim women from abuse on train
EU referendum: David Cameron to deny EU migrants and under-18s the chance to vote
David Starkey 'tells Amal Clooney to shut up and stop over-promoting human rights'
iJobs Money & Business
£30 - 35k: Guru Careers: We are seeking a Pricing Analyst to join a leading e-...
£20000 - £25000 per annum + OTE £45K YR1: SThree: At SThree, we like to be dif...
£20000 - £25000 per annum + competitive: SThree: Did you know? SThree is a mul...
£55 - 65k (DOE): Guru Careers: A unique opportunity for a permanent C# Develop...