04
Jul
2012
Reflections on Bob Diamond
Categories: Crisis, Financial Services
For the Barclays bankers who were fomenting a revolt to topple Bob Diamond earlier this week, the scene must have seemed eerily familiar. Most of them are veterans of Lehman Brothers, which Barclays acquired in 2008 following its collapse under Dick Fuld, the strong-willed executive who ran the firm for 14 years.
Diamond, like Fuld, built an investment bank virtually from scratch and ran it with absolute authority, yet was deaf to criticism and blind to the forces that weakened the institution and ultimately sank his leadership.
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