Diamond feared Barclays 'would be nationalised' in 2008

clock

Bob Diamond has told MPs he feared Barclays would be nationalised during the credit crisis because of its high borrowing rate.

The former Barclays chief executive appeared before the Treasury Select Committee today to face a grilling on the bank's manipulation of borrowing rates. Diamond referred to an "unfortunate series of events" over the last week and the "reprehensible behaviour" of some traders, which he said was not representative of Barclays as a whole. He said he was worried officials in Whitehall would think the bank was unable to fund itself because of its high cost of borrowing towards the end of 2008. "If rumours got onto the market that we couldn't fund then there might be a problem with equi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Investment

Advisers expecting more of asset managers since Consumer Duty

Advisers expecting more of asset managers since Consumer Duty

‘We actually need to understand one another better’

Hope Coumbe
clock 28 March 2024 • 1 min read
Fears tech limitations could stall MPS on its upward trajectory

Fears tech limitations could stall MPS on its upward trajectory

‘There have been a few changes and challenges around growth in general’

Hope Coumbe
clock 27 March 2024 • 1 min read
Partner Insight: Beyond 60/40

Partner Insight: Beyond 60/40

Invesco
clock 27 March 2024 • 5 min read