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Diamond gives warm welcome to Vickers report

Barclays chief executive Bob Diamond has welcomed the main aspects of the Vickers Commission report in the first public response from a UK bank chief executive to the banking industry reforms.

The Financial Times reports that Diamond (pictured), talking at a Barclays Capital conference in New York, said the report was “a welcome step towards the greater clarity that banks need to be able to operate with confidence”.

Diamond also praised the decision by the Independent Commission on Banking to make ringfencing plans flexible.

He stopped short of backing the report fully, citing ongoing complexities that needed to be addressed.

At the same Barclays conference, representatives of Royal Bank of Scotland and HSBC also welcomed the reports main aspects, including the delayed implementation date of 2019 and the flexible ringfencing policy.

All three banks said the capital requirements could be achieved.

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