Former Barclays chief executive Bob Diamond criticised "reprehensible" behaviour over a rate-fixing scandal Wednesday in his first public comments since quitting amid a high-profile boardroom exodus.
Former Barclays Bank Chief Executive Bob Diamond leaves after giving evidence to the British Treasury Select Committee in London. Diamond criticised "reprehensible" behaviour in a rate-fixing scandal in a tense appearance before British lawmakers Wednesday, the day after he quit the bank.
Diamond added that while there had been "mistakes" at the lender, swift action was taken to tackle traders' attempts to manipulate key inter-bank lending rates.
"Clearly there were mistakes, clearly there was behaviour that was reprehensible," the American banker told the British parliament's Treasury Select Committee.
He said he was "physically ill" when he learned the full detail of the revelations, which he insisted was only after the regulators' investigation this month.
"I'm sorry, I'm disappointed and I'm also angry," Diamond said.
In defiant form during a three-hour hearing, Diamond repeatedly stressed his love for a bank which he said acted quickly to address a problem which he linked to 14 traders out of 2,000 worldwide.
"The attitude of Barclays three years ago when this was recognised was, let's get to the bottom of it," he said. But he acknowledged that a "no jerk" rule at Barclays had failed to stop the wrongdoers.
The 60-year-old stepped down from the top post on Tuesday over the scandal, which has also seen Barclays chief operating officer Jerry del Missier and chairman Marcus Agius quit.
Last week, the bank was fined