Bob Diamond
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The Leadership of Bob Diamond at Barclays Bank
MBA Leadership Module final essay.
Introduction
The former CEO of Barclays Bank Bob Diamond was recently elected as one of the top ten ‘worst business leaders’ in 2012 by several respected international polls. However, Diamond had been an extraordinarily good leader over the years and had many business successes. He started out as a teacher at the University of Connecticut in 1976. (Heffernan, 2012). He quickly rose to being the managing director of the school’s fixed income trading department. In 1992 he joined CS Boston and was the CEO as he dealt with all their exchange issues. He was working globally and met with enormous success. He joined Barclays in 1996 and in a year he was on the Executive Committee. (Heffernan, 2012). As Barclays is the second largest banking group in Britain, his achievement was significant, and soon he was their chief executive of Corporate and Investment Banking, handling accounts for the wealthiest people in the world. Barclays was already having serious issues with matters concerning the ‘LIBOR scandal’, which we now know was the end product of some of Diamond’s employees manipulating the London Interbank Offered Rate. (Heffernan, 2012). Marcus Agius, the Chairman, had already resigned as a result of the large fines that the Bank had had levied on them, as a result of LIBOR Diamond resigned immediately after. Diamond had already been criticised for his outrageously high pay with the bank and his persona, which often was less than modest. Many held him responsible for the bank’s manipulations and had been seen as a poor and manipulative leader by the press as far back as 2010. His salary was as high as £63 million and with bonuses he was the highest paid banking CEO in Britain. (Heffernan, 2012). The concept of ‘power’ is
The Leadership of Bob Diamond at Barclays Bank
MBA Leadership Module final essay.
Introduction
The former CEO of Barclays Bank Bob Diamond was recently elected as one of the top ten ‘worst business leaders’ in 2012 by several respected international polls. However, Diamond had been an extraordinarily good leader over the years and had many business successes. He started out as a teacher at the University of Connecticut in 1976. (Heffernan, 2012). He quickly rose to being the managing director of the school’s fixed income trading department. In 1992 he joined CS Boston and was the CEO as he dealt with all their exchange issues. He was working globally and met with enormous success. He joined Barclays in 1996 and in a year he was on the Executive Committee. (Heffernan, 2012). As Barclays is the second largest banking group in Britain, his achievement was significant, and soon he was their chief executive of Corporate and Investment Banking, handling accounts for the wealthiest people in the world. Barclays was already having serious issues with matters concerning the ‘LIBOR scandal’, which we now know was the end product of some of Diamond’s employees manipulating the London Interbank Offered Rate. (Heffernan, 2012). Marcus Agius, the Chairman, had already resigned as a result of the large fines that the Bank had had levied on them, as a result of LIBOR Diamond resigned immediately after. Diamond had already been criticised for his outrageously high pay with the bank and his persona, which often was less than modest. Many held him responsible for the bank’s manipulations and had been seen as a poor and manipulative leader by the press as far back as 2010. His salary was as high as £63 million and with bonuses he was the highest paid banking CEO in Britain. (Heffernan, 2012). The concept of ‘power’ is
References: Connery, J. (2012) Barclays CEO faced rebellion in New York over scandal. Chouudhoury, A. and Vaughn, L. (2012) Diamond Quits as Pressure Mounts on Barclays Over Libor. http://www.bloomberg.com/news/2012-07-03/Barclays-ceo-diamond-quits-after-record-libor-rigging-fine-1-.html Enridh, D Goleman, (2012) Leadership Theories. http://www.valuebasedmanagement.net/methods_goleman_leadership_styles.html Heffernan, M Knudtzon, K. Social and Cultural Theories (2012) Theories in human interaction. http://www.cs.umd.edu/class/fall2002/cmsc838s/tichi/social.html Lewin, K (2011) Change Theory McGregor, J. (2012) Barclays cleans house of CEO, chairman and COO. Washington Post. http://www.washingtonpost.com/blogs/post-leadership/post/Barclays-cleans-house-of-ceo-chairman-and-coo/2012/07/03/gJQAdlo4KW_blog.html Phelan, J Six Emotional Leadership Styles. (2004) Changing Minds. http://changingminds.org/disciplines/leadership/styles/six_emotional_styles.htm Williams, S (2012)