Bob Diamond, Barclays’ chief executive, surprised many people when he gave a warm welcome to the report published in September by the Independent Commission on Banking (ICB). The ex-investment banker, who had spoken out against too much regulation in the 15 months of the report’s preparation, said it offered “the greater clarity that banks need to be able to operate with confidence”.
But little is clear from the Vickers report about what the future holds for investment banking in the UK. Plenty of questions still need answering and specific details hammered out before any legislation is passed and the proposals implemented, say analysts and bankers.
