Mervyn King Had 'No Authority' To Push Me Out - Bob Diamond

Exit Sign

Former Barclays chief executive Bob Diamond has hit out at Bank of England governor Sir Mervyn King, who he says had 'no authority' to push him out of the bank following the Libor scandal.

The Daily Telegraph reports that Sir Mervyn made it clear to Marcus Agius, Barclays chairman at the time, that Mr Diamond had to go. The message was relayed to the former chief of the bank hours later in his kitchen.

'My first reaction, which is still my reaction today, is, he doesn’t have the authority to do that!', Diamond said about the pressure King exerted to oust him.

In his first interview since leaving the bank, he told The New York Times' Andrew Ross Sorkin that, after Agius left his kitchen, he talked it though with Jennifer, his wife of 26 years, and decided the right thing for the bank was to 'step aside and shut up'. He resigned the next morning.

While he had expected some backlash regarding the scandal, Diamond said he did not think it would be directed at him.

Hit the link below to access the complete Daily Telegraph article:

Mervyn King had 'no authority' to push me out - Bob Diamond

RBS sees government stake sale next year as it posts quarterly profits of £826m

Buffett's first tweet: 'Warren is in the house'


JefferiesAnd the Best Place to Work in the global financial markets 2018 is...

Register for HITC Business News