Bloomberg the Company & Products

Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Diamond to Become Barclays CEO Three Months Earlier

Don't Miss Out —
Follow us on:
Barclays Incoming CEO Robert Diamond
Barclays Incoming CEO Robert Diamond. Photographer: Daniel Lewis/Visual Media via Bloomberg

Dec. 17 (Bloomberg) -- Barclays Plc, Britain’s third-biggest bank, said Robert Diamond will take over as chief executive officer three months earlier than planned.

Diamond, 59, will become CEO on Jan. 1, the London-based bank said in a statement today. Barclays said in September Diamond would succeed John Varley as CEO on March 31, 2011.

“We are now ready to effect the hand-over,” Chairman Marcus Agius said in the statement. “The speed with which the transition has been completed reflects the continuity in management and strategy that the succession provides.”

Massachusetts-born Diamond has led Barclays’s investment-banking expansion, including the 2008 purchase of Lehman Brothers Holdings Inc.’s U.S. operations. His Barclays Capital unit accounted for 66 percent of the lender’s pretax profit in the first half, up from half last year.

Varley, 54, will advise Barclays on regulatory matters until Sept. 30, 2011, the company said. He is the frontrunner to succeed John Bond as chairman of mobile phone operator Vodafone Group Plc, the British Broadcasting Corp. reported Dec. 6.

A Barclays spokesman declined to comment beyond the statement. The shares dropped 1.3 percent to 260 pence as of 12:09 p.m. in London.

Barclays is among U.K. banks that are being questioned by the government-sponsored Independent Commission on Banking, which is assessing whether to recommend breaking up lenders to increase financial stability and competition.

To contact the reporter on this story: Jon Menon in London at jmenon1@bloomberg.net

To contact the editor responsible for this story: Edward Evans at eevans3@bloomberg.net

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.