Bob Diamond Makes Surprise Wall Street Return

James Tabacchi
August 16, 2015
The former chief executive of Barclays has made a surprise Wall Street comeback just three years after he was ousted from the British bank. Bob Diamond, who left the lender following the Libor scandal, has acquired a stake in South Street Securities, a New York trading firm specializing in the repo market.

South Street uses investment houses to raise short-term funds using bonds as collateral. It is led by chief executive James Tabacchi, an ex-Citicorp executive who founded it in 2001.

Mr. Diamond is expected to use the investment as a precedent for large investments in trading businesses as global banks face pressure from investors to sell unprofitable assets amid tighter regulation, The Sunday Times reported.


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