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January 28, 2010

WBrief: Bob Diamond batters Obama

By Spear's

President Barack Obama said he was prepared for a fight with Wall Street over his proposals to split off the trading businesses from retail banks. It looks as if one of the world’s biggest banks, Barclays, is willing to take Mr Obama on.

President Barack Obama said he was prepared for a fight with Wall Street over his proposals to split off the trading businesses from retail banks. It looks as if one of the world’s biggest banks, Barclays, is willing to take Mr Obama on.

Yesterday, the president of Barclays condemned proposals to cut banks down in size, or split them up, arguing it would do nothing to make the financial world a safer place.

“If you say that large is bad and we move to narrow banks the impact on jobs and the global economy will be very negative,” Bob Diamond, who also heads Barclays Capital, the group’s booming investment banking arm, was quoted by media as saying at the annual World Economic Forum conference in Davos, Switzerland.

“I have seen no evidence to suggest that shrinking banks and making banks smaller and more narrow [will help]”, said Mr Diamond.

To read the full story, visit wealthbriefing.com

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