The former chief executive was addressing the Treasury Select Committee today on the bank’s manipulation of interbank lending rates.
MP Teresa Pearce asked Diamond what the cost to the bank was of looking into LIBOR fixing within Barclays, to which he replied: “About £100m.”
Following the inquiry, Barclays has introduced a number of new controls which apply to traders, and has appointed a new head of compliance, he said.
Earlier in the lengthy hearing, MPs had asked Diamond if he felt responsible for setting the culture of the bank, as its chief executive.
“I was responsible for Barclays Capital at the time,” he said. “But that’s different from personal culpability for these actions and I don’t feel personal culpability. What I do feel is a strong sense of responsibility.”
He also said Barclays will not “stand in the way” of any criminal investigation into individual traders.
Asked whether Diamond would forfeit his bonus payout in view of the reputational damage caused to the bank on his watch, the former CEO said it was “a matter for the board”.
