Those with risk jobs in London 'must act again'

The time for apology is over and UK banks must once again begin taking risks, according to one sector commentator.

In news likely to interest those with risk jobs in London, Bob Diamond, the chief executive of Barclays, made his comments while appearing in front of the Treasury Select Committee, and claimed the time for remorse is gone.

He told the committee that the banking industry needs to be able to take risks and work with the UK's private sector businesses in order to succeed.

Mr Diamond also claimed that the biggest issue the sector was facing was how to put the "blame game" behind it.

Asked whether high street banking should be kept separate from investment banking, he said: "The financial model is stronger as a result of the integrated business model. It gives us a greater capacity for lending."

The chief went on to suggest that big banks should be allowed to fail.

The ongoing hearing is investigating competition and choice within the banking industry.

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