In a remarkable U-turn from his answers to the Treasury Select Committee in January, when he said bankers should stop apologising for the crisis, Diamond warned that banks had to show more remorse. He told the first BBC Today programme business lecture that bankers needed to be “more effective citizens.”
“Frankly, banks have done a very poor job of explaining how we contribute to society. Second, we have to accept responsibility for what has gone wrong. Finally, most importantly, we have to use the lessons learned to become better and more effective citizens,” he said.