Diamond Exit Raises Speculation of Investment-Bank Split
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When Robert Diamond took over Barclays Plc’s shrinking securities unit in 1997 he vowed to turn the business into a leading global firm.
Fifteen years later, his success in creating a top investment bank, whose profit reached $4.7 billion in 2011, may hasten its split from the lender after the London-based bank admitted to trying to rig global interest rates. Diamond quit as Barclays’s chief executive officer yesterday and hours later Chief Operating Officer Jerry del Missier followed.