Not for the first time, Bob Diamond is displaying a gambler’s instinct at a time of crisis.
Faced with severe and mounting losses in Spain, the boss of Barclays has so far resisted the urge to cut and run.
Instead, he’s looking increasingly eager to double his bets through a takeover of one of the Mediterranean nation’s most troubled mutual lenders.
If the past experience is anything to go by, the American will have sewn up a deal for the Caja del Mediterraneo (CAM) before the Madrid banking world decamps to Puerto Banus for August.
It was Diamond, after all, who swooped on the carcass of US giant Lehman Brothers following its 2008 collapse.
That deal was fraught with risk but it ultimately catapulted Barclays Capital into the Wall Street big league – and secured Diamond’s elevation from investment banking supremo to chief executive.
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