Lunchtime links are even later than usual today. For this, we apologise. We are watching Bob Diamond, who’s busily defending his reputation and that of Barclays here. We’re occasionally tweeting about Bob’s appearance here.
Meanwhile, now may be the time to apply for an MBA course at a UK business school. Applications to UK business school are down 20% this year according to the Association of MBAs.
Much of the decline appears to be down to fewer applicants from China, India and the US, who will find it harder to get jobs in the UK since immigration rules were tightened. Coincidentally, applications to schools in Latin America and China are up 20% and 30% respectively.
“We’re just recovering from the Dick Fuld fiasco,” one senior investment banker at Barclays in New York said, referring to the Lehman CEO who presided over the firm’s collapse in 2008. “We couldn’t have another out of touch executive at the top.” (CNBC)
“If Diamond had showed up in the company gym, someone would have clocked him,” [in the same way as Dick Fuld was ‘clocked’] the trader said. (CNBC)
Hey, Bob Diamond could get a job in private equity. (Bloomberg)
RBS CEO Stephen Hester “is highly regarded and if offered the Barclays CEO role, may well take it since it would offer a greater chance of bonus potential than state-run RBS,” analysts including Andrew Lim at Espirito Santo Investment Bank wrote in a note to investors today. (Bloomberg)
David Olson, former head of the CIO for JPMorgan in America, has joined Citigroup.(Bloomberg)
Of the three big universal banks that came out of the crisis well – JPMorgan, Barclays and Deutsche – two of them have now blown up. (Deus Ex Macchiato)