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It’s time to stop bashing bankers says leading entrepreneur on Tue 10th July, 2012

“The whole issue of the Libor scandal and Bob Diamond has been blown out of all proportion,” said Mr Davies – who was an investment banker at Societe Generale before creating aspect.co.uk

“It’s a cheap shot at the headlines for politicians when they should be concentrating on clearing up their own mess and the media dutifully lap it up,” he said.

“The Libor scandal should not be taken lightly, and I am not suggesting that it should be, but a talented and experienced banker like Bob Diamond has been forced to resign due to political pressure.”

Mr Diamond resigned from his post as head of Barclays after initially announcing that he would stay when the bank lending rate scandal broke. He has forfeited bonuses worth up to £20 million.

“We need talent and experience in our bank boardrooms if the industry is to recover,” said Mr Davies.

“As the Libor Scandal gathers momentum there are sure to be other top bankers who lose their jobs as a result and ultimately we will drive out a huge talent pool from our banking system that will set us back even further. These people have got to where they have by being the best at what they do and they are crucially important to our hopes of recovery.

“The politicians are just turning the future of British banking into a political football.

“In reality, Osborne and Cameron are paranoid about the Labour lead in the opinion polls and they see an attack on Ed Balls for something that happened in 2008 as restoring their political capital.

“It has only resulted in backfiring upon them and Britain has lost the services of an experienced banker who had been successfully restoring Barclays,” said Mr Davies.

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John Price, Hillgrove PR.

Hillgrove PR

T. +44 (0) 20 3603 0366
E. john.price@6hillgrove.com