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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Photos Full Coverage Sitemap Barclays chief hits back at 'casino banker' critics AFP - Sunday, September 12 Send IM Story Print Barclays chief hits back at 'casino banker' critics LONDON (AFP) - – Bob Diamond, the controversial American investment banker chosen to be the next chief executive of Barclays, on Sunday defended the British bank against accusations it was being run like a casino. The appointment of Diamond, infamous for pocketing huge bonuses as head of the lender's highly successful investment banking arm, to the top job at Barclays earlier this week has proven controversial. The 59-year-old will take over from British banker John Varley in the post at the end of March 2011. Diamond hit back at critics who have lambasted Barclays for "casino banking" -- a term commonly used to describe the high risks taken by investment bankers, which have been heavily criticised for their role in the economic crisis. In comments to the Sunday Telegraph newspaper, Diamond said the term "has no basis in reality". "These aren't casino businesses. These are real, client-driven businesses," he said. "It's disappointing when we hear reference that banks are casinos. It's disappointing when we hear reference that Barclays Capital [the investment banking arm] is a casino." He added: "It is just not right to use a phrase like that to encompass investment banking or banking, it is not based on fact and it creates the wrong impression." Diamond has been at the forefront of Barclays' transformation from a well-run retail bank into an investment banking giant able to compete with Wall Street titans. Earlier this year, the then business minister Peter Mandelson described him as "the unacceptable face of banking" amid public outrage at bankers' bonuses. Mandelson had accused Diamond of receiving a bonus worth tens of millions of pounds (dollars) -- which Barclays denied. Recommend Send IM Story Print News Search Top Stories Barclays chief hits back at 'casino banker' critics Doomsday warnings of US apocalypse gain ground Kim Clijsters defends US Open title Champion Klitschko knocks out Peter Dueling protests over New York mosque near Ground Zero More Top Stories » ADVERTISEMENT Most Popular Most Viewed Most Recommended US pastor puts Koran-burning on hold Ceremonies in NY, Washington mark 9/11 anniversary Vitamin B 'could delay Alzheimer's onset' Recession has left huge hole: Obama Superbugs top focus of leading microbiology meet More Most Viewed » Climate: New study slashes estimate of icecap loss Earth's upper atmosphere shrinking, scientists say Tiger's ex breaks her silence on sex scandal US pastor puts Koran-burning on hold Japanese rider Tomizawa dies in San Marino Moto2 GP More Most Recommended » Elsewhere on Yahoo! Financial news on Yahoo! Finance Stars and latest movies Best travel destinations More on Yahoo! News Home Singapore Asia Pacific World Business Entertainment Sports Technology Subscribe to our news feeds Top StoriesMy Yahoo!RSS » More news feeds | What are news feeds? Also on Yahoo! Answers Groups Mail Messenger Mobile Travel Finance Movies Sports Games » All Yahoo! Services Site Highlights Singapore Full Coverage Most Popular Asia Entertainment Photos World Cup 2010 Yahoo! News Network Copyright © 2010 Yahoo! Southeast Asia Pte. Ltd. (Co. Reg. No. 199700735D). All Rights Reserved. Terms of Service | Privacy Policy | Community | Intellectual Property Rights Policy | Help

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