Diamond to be named Barclays CEO

Barclays is set to name its investment banking boss Bob Diamond as successor to current chief executive John Varley.

The Wall Street Journal reports the American-born Diamond will be promoted from the head of Barclays Capital to the top of position at British second largest banking institution. Varley, who has been CEO of Barclays Plc since September 2004, has informed the bank's board he would like to step down, the paper says. Diamond had been seen as the long-term successor to Varley, after presiding over BarCap's integration of Lehman Brothers' US business. While Diamond's BarCap unit has been the largest contributor to the company's overall profits, he is understood to be keen on reducing th...