Barclays' boss says banks should not be bailed out

"It is not OK for taxpayers to bail out banks," Diamond told a Treasury Committee hearing. On bonuses, he said that Barclays "paid for performance, not for failure". The government has called on banks to pay smaller bonuses, with Deputy Prime Minister Nick Clegg urging them to be "sensitive to the public mood". Diamond said that Barclays had yet to decide on bonus payments to its staff for this year.

He added that the "majority" of the amount paid in bonuses went to investment bankers, rather than staff in the retail banking arm.