Barclays boss Bob Diamond tells of key role for banks

BBC News, 3 November 2011

Bob Diamond: ''Would I have chosen citizenship as a key priority five
years ago? Probably not''

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Barclays chief executive Bob Diamond has said banks must accept previous mistakes and display that they can contribute to society.

Otherwise, and unless they contribute towards economic success, the threat of further social unrest remains.

But he said risk-taking by banks served a social purpose, and had been unfairly "caricatured" as gambling.

And he told the BBC Today programme Business Lecture that banks had a vital role to play in spurring growth.

Mr Diamond said banks had a critical role in supporting businesses and thus helping create jobs and grow the economy.

He added: "The threat of further social unrest remains if we don't work together to generate stronger economic growth and more jobs."

Mr Diamond, whose total pay packet was worth £9m, also said banks should not have to again be bailed out by the taxpayer.

"No taxpayer money should ever again be put at risk to rescue a failed or failing bank," Mr Diamond said.