Bob Diamond condemned the “reprehensible” behaviour of a group of traders who manipulated lending rates for personal gain as he launched a staunch defence of Barclays a day after he resigned as the UK bank’s chief executive.
Mr Diamond told a UK parliamentary committee that he felt “physically ill” when he read emails sent between Barclays traders in the period from 2005 to 2007 in which they encouraged each other to manipulate Libor rates in exchange for bottles of champagne.
“I’m sorry, disappointed and angry. There is absolutely no excuse for the behaviour they exhibited,” Mr Diamond said in a lengthy and at times testy appearance during which he staunchly defended the bank’s staff and culture.
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