Bob Diamond, Barclays' chief executive's warm welcome of the Independent Commission on Banking's report will be viewed as proof the banking sector succeeded in diluting measures intended to revamp the industry.
In the first public response by any bank chief executive, Diamond said the report was “a welcome step toward the greater clarity that banks need to be able to operate with confidence.”
In a report by the FT, the speech made at a Barclays Capital conference in New York was notable for an abrupt change of tone, following 15 months of vocal criticism leading up to Sir John Vicker’s conclusions.
Diamond praised the late decision to make the ring-fencing plans flexible.
Royal Bank of Scotland and HSBC also welcomed flexibility and the delayed 2019 implementation date.
