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Bob Diamond to be new Barclays chief Bob Diamond to be new Barclays chief
(about 1 hour later)
One of the world's highest paid bankers, Bob Diamond, is to become chief executive of Barclays Bank. One of the world's highest paid bankers, Bob Diamond, is to become chief executive of Barclays bank.
The American, who has made about £100m as head of the bank's investment wing, will replace John Varley who steered the firm through the credit crunch. The American, who has made about £100m as head of the bank's investment wing Barclays Capital, will replace the current chief executive John Varley next year.
BBC business editor Robert Peston said the move will reinforce a view that Barclays sees its future as a global investment bank. Mr Varley was credited with steering Barclays through the financial crisis.
HSBC chairman Stephen Green is also moving on to become a trade minister. Meanwhile HSBC chairman Stephen Green is also moving on to become a government trade minister.
Our business editor said Mr Green's appointment by the coalition government "will doubtless be heralded as a coup by the prime minister" even though the record of business people in government has been "patchy". BBC business editor Robert Peston said Mr Green's appointment by the coalition government "will doubtless be heralded as a coup by the prime minister" even though the record of business people in government has been "patchy".
He added that Mr Diamond's appointment would generate speculation that Barclays might voluntarily spin off its British retail operation. Meanwhile Bob Diamond's appointment as Barclays' new boss will reinforce a view that Barclays sees its future as a global investment bank, he said.
Advisor to mayor Marcus Agius, Barclays chairman, called Mr Diamond "superbly qualified", with "a proven track record as a business leader".
It is understood Mr Diamond will replace Mr Varley after he steps down next March following a seven-year stint as the bank's chief executive. "I am honoured by the board's confidence in me and greatly motivated by the challenge of leading Barclays during the critical period ahead," Mr Diamond said.
Mr Diamond currently serves as president and chief executive of Barclays Capital, which is the bank's investment arm. "As a leading global universal bank, Barclays has the right model, the right strategy and above all the right people to deliver for all our stakeholders."
He is also an adviser to Mayor of London Boris Johnson. His promotion means that Mr Diamond can expect to earn up to £12.825m a year.
However, his appointment could prove to be controversial. His base salary will be £1.35m, Barclays said, with the rest awarded in bonuses.
Business Secretary Vince Cable has made critical remarks about investment bankers in the past.
And, in April, Mr Diamond was criticised by the then business secretary, Peter Mandelson, as the "unacceptable face" of banking after reports of his annual pay emerged.
A spokesman for Barclays declined to comment on the reported changes at the top of the bank.