Barclays has announced that Bob Diamond is to be its new group chief executive. He will take over from John Varley, who is to step down on 31 March 2011.
The American is the investment banker who had made tens of millions of pounds from bonuses running the Barclays Capital investment banking arm.
Before the general election Peter Mandelson called Diamond the “unacceptable face”” of banking. He currently holds the position of president of the bank. He has been a member of the Board of Barclays since 2005.