Barclays' Diamond says a shake-up is coming to the banking industry

10/26/2010 | Reuters

Robert Diamond, president of Barclays, said the banking industry is in for a major shake-up. "We're going to see significant consolidation and significant restructuring over the next three to five years in banking in general, and particularly in Europe," said Mr. Diamond, who will take over as CEO at the U.K. bank next year. He also expressed opposition to banks receiving government aid. "No bank should ever, ever receive taxpayer money," Mr. Diamond said.

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