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Bob Diamond: A Controversial Banker

(c) Sky News 2012

As Bob Diamond announces he won't step down over the rate-fixing scandal, Sky News takes a look at the controversial man behind the headlines.

As one of the highest paid and most recognised bankers, Bob Diamond is used to being in the spotlight but not always for the right reasons.

The American, who was once described as the "unacceptable face of banking" by Lord Mandelson because of his big pay deals, is now said to be worth a cool £95m.

Bob Diamond is a UK citizen but grew up in Massachusetts as one of nine children of schoolteacher parents.

He started his working life as an academic, lecturing at the University of Connecticut's Business School in 1976.

Diamond then preceeded to working in finance, and before joining Barclays (LSE: BARC.L - news) in 1996, he held senior leadership roles at Credit Suisse First Boston in Tokyo and New York (Frankfurt: A0DKRK - news) , and at Morgan Stanley International, where he worked for 13 years.

In January last year, he succeeded John Varley as Barclays' group chief executive.

Since working in the banking industry, he has been embroiled in a number of scandals.

The biggest one was Barclays' controversial acquisition of the brokerage arm of US bank Lehman Brothers for £1.1bn after it collapsed in 2008.

In June 2010, Mr Diamond faced a federal court hearing in Manhattan (Xetra: A0X9G1 - news) , which was looking into allegations that Barclays duped Lehman Brothers out of billions of dollars during the deal.

It is largely down to Mr Diamond's Barclays Capital division that the UK bank avoided state assistance during the credit crunch, although market turmoil has dented his former division's profits in recent months.

Last year, just a few days in to his job as Barclays' chief executive, he angered some MPs (BSE: MPSLTD.BO - news) by saying the time for "remorse and apology" needed to be over as banks look to support Britain's recovery.

And most recently, he has been under fire for refusing to step down despite Barclays receiving a £290m fine for rigging the key lending rate between banks.

Bob Diamond currently picks up a salary of £1.3m and was reportedly in line to receive £11m in payouts this year before waiving his annual bonus in the wake of the the rate-rigging scandal.

Besides banking, Bob Diamond sits on the board of Old Vic Productions, alongside Dame Judi Dench, and is a trustee of the Mayor's Fund for London and a member of the British-American Business Council.

He still retains his links to the US, where he is chairman of the board of trustees at his old college and has also set up the Diamond Family Foundation which has given millions of dollars to education projects.

Outside of work, he is a married father of three, who is known for his love of sport; he is a keen golfer, supports Chelsea Football Club but remains a devoted fan of American football team the New England Patriots.

He was voted the 37th in New Statesman’s annual survey of the world's 50 most influential figures Who Matter 2010.

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