Bob Diamond
Great BritainBiography of Bob Diamond
Robert 'Bob' Edward Diamond Jr., a British and American banker, was the chief executive of the British financial conglomerate 'Barclays Plc.' He resigned on June 3, 2012, following the bank's attempt to manipulate the London Interbank Offered Rate (Libor). Diamond ranked 37th in the New Statesman's annual list of the 50 most influential people in 2010.
Early Life and Education
Bob Diamond was born on July 27, 1951, in Concord, Massachusetts, as one of nine children. Both of his parents were teachers. He graduated from Concord-Carlisle High School in 1969 and earned a Bachelor's degree in Economics (with honors) from Colby College in Maine in 1973. He obtained his Master of Business Administration from the University of Connecticut Business School.
Career
Diamond's career began as a lecturer at the University of Connecticut Business School, where he stayed from 1976 to 1977. Afterward, he worked in the IT department of United States Surgical Corporation in Norwalk, Connecticut. It was there that he met William B. Cooke, whom he later followed to the banking holding company 'Morgan Stanley'. At Morgan Stanley, Diamond held various positions and eventually became the Managing Director and Head of the Bank's Global Fixed Income Division.
In 1992, Diamond moved to Credit Suisse First Boston before representing the interests of Barclays starting on July 4, 1996. In September 1997, he joined the company's executive committee and was considered a leading candidate to succeed Matthew Barrett as the CEO of Barclays Plc. However, John Varley was appointed to the position in 2004, five years younger than Diamond. Finally, on January 1, 2011, Diamond succeeded Varley as the CEO.
On June 2, 2012, Barclays' chairman, Marcus Agius, resigned following a significant fine of 400 million euros imposed on the bank for its involvement in the Libor rate manipulation scandal. The next day, on July 3, Diamond also lost his position. Jerry del Missier, a longtime protégé of Diamond, who had been appointed as Barclays' Chief Operating Officer on June 22, 2012, resigned on July 2, 2012.
New York Times noted that Diamond's involvement in the scandal was minimal and suggested that the real reason for his dismissal was that he had become "an unacceptable face of banking." While other bank executives were ousted one by one from the board, Diamond initially secured the support of the board but was ultimately forced out at the insistence of Mervyn King, the Governor of the Bank of England, who informed Barclays' leadership of regulators' loss of confidence in Diamond.
Personal Life and Interests
Bob Diamond married Jennifer, an engineer from Michigan, in 1983, and they have three children together. Diamond is an avid sports fan, supporting the Boston Red Sox in baseball, Chelsea in football, the New England Patriots in American football, and the Boston Celtics in basketball. He is a Republican and serves as an advisor to Boris Johnson, the Mayor of London and member of the Conservative Party.
Together with his wife, Diamond co-founded the annual conference 'The Nantucket Project' in Nantucket, Massachusetts. The conference brings together leading scientists, thinkers, and executives who engage in a free and intimate exchange of ideas.
