Bob Diamond, Barclays Bank’s new CEO of 11 days, appeared in pantomime on Tuesday 11 January, in a one-off stage performance of ‘Competition and Choice of Banking; Financial Regulation’.
Supported by the Treasury Select Committee (TSC), a band of 13 actors brought together to represent society, the play’s main plot was billed as an examination of the state of competition and lending among British banking. But the sub-plot was far more overt, as the mighty City banker, played by the American Diamond, repeatedly clashed with the titans of TSC whose probing questions attempted to disarm the rather smug lead actor.
A reluctant debutant, Diamond’s immaculate appearance, and teeth, glistened under the lights as he went through his paces at the Thatcher Room theatre in Portcullis House. Although appearing on stage with Antony Jenkins, this was really a solo performance that promised so much, but in the end left the audience a little baffled as to what was actually achieved.
The billed clash between public and private sector failed to deliver a truly epic performance, although it was no less compelling. The blows aimed at Diamond lacked real conviction and genuine passion as the TSC demonstrated a collective inexperience, squandering an opportunity to enhance their own prominence and that of the UK government.
The play’s lack of cohesion demonstrated shortcomings in the script, which was fragmented and disjointed. There was nothing linking the 13 TSC characters to form an effective force. Chair Andrew Tyrie, lacked the leadership and authority which Diamond displayed. The result was that the focus shifted from one TSC member to another with bizarre references to biblical events followed by mentions of casinos, all of which made it easy for Diamond to deflect and jostle his way through the attempts to diminish his stature.
So what did we learn from this production? Not a lot except to reinforce that MPs don’t like bankers bonuses; but can’t do anything about it, that City businessman appear more powerful that individual MPs, and that bankers are bored of remorse and believe banker bashing should be over.
While swathes of society struggle to understand why bankers get paid so much, the advice from bankers is that they should shut up and accept that the economy benefits from banking more than society realises – in other words – trust me, I’m a banker !
Diamond’s performance outshone the TSC performers but this says more about the relative inexperience of the supporting cast, than Bob’s own performance. As Quentin Letts, Daily Mail journalist, poignantly observed on the Today programme, the TSC made the mistake of asking too many questions on Diamond’s specialist subject.
Diamond’s initial euphoria on exiting the stage may be short lived. As MPs and society dissect his performance, the longer term consequences could ultimately have a negative outcome for the banking sector as riled parliamentarians will ultimately seek to have the last panto laugh.
';