FOR IMMEDIATE RELEASE
London, UK, 7th September, 2010: Barclays has confirmed that US banker Bob Diamond will become the firm’s chief executive next year.
Mr Diamond will take over from current boss John Varley in March 2011, who has been a huge success following his development of the company’s investment banking unit.
His appointment is likely to be unpopular with many as Mr Diamond was widely criticised for embodying the excessive banker bonus culture which led to the financial crisis.
He allegedly received a £63 million reward package this year, while he made £26 million for selling his shares in Barclays Global Investors.
Paul Kenny, general secretary of the GMB union, claimed the move was an insult to the millions of workers who are facing pay cuts and job losses.
He said: “A person who poured petrol on the flames of the fires in the financial system has been rewarded rather than been punished for what he did.
“Meanwhile GMB members are enduring pay freezes and face job cuts to make good the damage Diamond caused.”
“Bob Diamond’s appointment as the CEO of Barclay’s is not expected to create huge enthusiasm in the market as he was criticised for his excessive bonus culture which led to financial crisis. He will take over from John Varley who led the group during a turbulent period. ” says financial analyst Charles Baker who has decades of experience in the financial industry. He works as a financial analyst for PPI ClaimCompany.co.uk.
“Many see this as an insult to the workers who faced job and salary cuts. They consider him responsible for many ills in the economy and the financial sector and feel he should have been punished rather than being rewarded.”
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