Barclays boss Diamond coached by Mandelson

LABOUR peer Lord Mandelson coached Bob Diamond, chief executive of Barclays, ahead of a high-profile public hearing earlier this month.

Mandelson, who once said Diamond was the “unacceptable face of banking”, is understood to have offered only “informal advice” and did not receive any payments for his services.

Diamond made waves at the Treasury select committee, where he was grilled by influential MPs, by suggesting it was time for banks to stop apologising for their role in the financial crisis.

Mandelson, who managed Labour’s unsuccessful re-election campaign, has taken a handful of private sector jobs after new leader Ed Miliband effectively closed the door on a return to front bench politics.