Compliance

11:38 AM
Justin Grant
Justin Grant
Commentary
Connect Directly
Google+
Twitter
RSS
E-Mail
50%
50%

Barclays CEO Says Stop Blaming Bankers for Weak Economy

Barclays Chief Executive Robert Diamond is apparently mad that Wall Street is constantly being blamed for the weak global economy and he's not going to take it anymore.

Barclays Chief Executive Robert Diamond is apparently mad that Wall Street is constantly being blamed for the weak global economy and he's not going to take it anymore.

As the economy inches its way back from the abyss, Diamond argues it's time for the public to move on from blaming Wall Street and let banks and the private sector spur job creation and economic growth, The NYT's Dealbook reports.

From Dealbook:

"There was a period for remorse of banks but I think this period is over," Mr. Diamond told a parliamentary committee. "The question for us is how do we put some of the blame game behind us."

And while Diamond reportedly said that Barclays would show restraint concerning bonuses and base salaries, he declined to say whether or not he'd forgo his own bonus.

From Dealbook:

"Mr. Diamond said he was not asked by the prime minister or the head of the Treasury to show restraint on his own bonus for 2010. Mr. Diamond, who had headed Barclays Capital, the bank's investment banking unit, declined to receive a bonus in 2008 and 2009 after receiving a 6.5 million GBP ($8.4 million) bonus as well as his 250,000 GBP ($324,254) base salary in 2007.

Keith Bowman, an analyst with the stock brokerage Hargreaves Lansdown in London, said, "There may be more banks could do to increase the transparency about bonus pay, but it all comes down to the issue that this industry is a global one and it's difficult for anyone to go it alone."

As the Senior Editor of Advanced Trading, Justin Grant plays a key role in steering the magazine's coverage of the latest issues affecting the buy-side trading community. Since joining Advanced Trading in 2010, Grant's news analysis has touched on everything from the latest ... View Full Bio
Comment  | 
Print  | 
More Insights
More Commentary
SEC Vote Is Drama for the Masses, With No Happily Ever After
All of them hoped it would never come to this.
Driving Information Security, From Silicon Valley to Detroit
As software interacts with more and more of our daily lives, technology providers may be liable for more damages than they have in the recent past.
Big Data's Challenge: Matching Business Needs With Technology
All those bits and bytes only add up to something when they’re organized, arranged, and made coherent.
Single Source, Many Truths
If the data quality is not at fault, why then might departments reject the data? The answer is that there are two aspects to data quality: factual correctness and contextual correctness.
Predictions Come True as Regulators Swoop
While two out of the five capital markets predictions from July have already come true, let's hope that all five don't actually happen.
Register for Wall Street & Technology Newsletters
White Papers
Current Issue
Wall Street & Technology - July 2014
In addition to regular audits, the SEC will start to scrutinize the cyber-security preparedness of market participants.
Video
Stressed Out by Compliance, Reputational Damage & Fines?
Stressed Out by Compliance, Reputational Damage & Fines?
Financial services executives are living in a "regulatory pressure cooker." Here's how executives are preparing for the new compliance requirements.