Helen Dunne listens in on Bob Diamond’s exit interview
Thank you for coming along today, Bob. I’ve heard (and read) so much about you that it’s nice to finally meet you. I’m only sorry we didn’t have the opportunity before now, but it’s great that you’ve agreed to an exit interview.
We use the answers from our departing colleagues to help shape our career strategy. So, the first one is an easy one – what is your primary reason for leaving?
It appears I lost the confidence of the governor of the Bank of England. I actually thought he liked me, and I got on great with his deputy, Paul Tucker.
When I congratulated him on his promotion, Paul actually said I had been ‘an absolute brick’! But after the way he’s stabbed me in the back over the Libor-fixing scandal, I feel more like a plank than a brick!
Okay, I’ll put down ‘personality clash’. So what was the most satisfying aspect of your job?
Hey, I was the yank with the bank! I got into all the best restaurants and clubs, and as sponsor of the Premier League, I was even able to meet some of my soccer heroes at Chelsea Football Club. But I waited almost 16 years to become CEO.
I was brought in to run the fixed income division, but I soon realized BZW was flawed and set out a strategy to strip it down and rebuild it as an investment banking powerhouse.
Barclays Capital was the most successful and profitable part of Barclays for years; it was only right that I one day became chief executive. I earned it.
OK, so let me skip the next question – did this company help you to fulfill your career goals? – as that would be a yes! Question four: did you receive enough training to do your job effectively?
I’ve been a banker almost 40 years; I didn’t require training. Some people are born leaders.
Right you are. Question five: were you happy with the quality of supervision you received?
Very happy. Every financial center would love a light-touch regulatory environment. The Bank of England and the Financial Services Authority were respected around the world, but after the way they’ve turned on me, I think I’ll return the favor. They haven’t got a clue!
Not quite the supervision I meant, but moving on – were you happy with your pay, benefits and other incentives? Last year you earned £20.9 mn ($33 mn)…
You English are so obsessed with my money. I’ll tell you the least satisfying part of my job: enduring pages of newspaper articles attacking my pay, and questions at the AGM from shareholders nitpicking about parts of my package.
When I acquired Lehman Brothers’ US operations, I catapulted Barclays into the top league of global investment banks. I was hailed as a hero – how much do you think heroes should be paid?
Question six: do you have any tips to help us find your replacement?
Put out a call for Teflon Man, the superhero of the future.
Helen Dunne is editor of CorpComms in London.
