The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

Specialists will define the future

Bob Diamond, chief executive officer of Atlas Merchant Capital and former CEO of Barclays, explains that while US banks are now well and truly safe, it is focused specialists and upstart technology companies that will drive innovation.

By Bob Diamond

Photo: iStock

For the major US banks, the pandemic has been the final step in a decade-long process to ensure the safety and security of the financial system.

In line with regulators’ hopes following the 2008 financial crisis, US banks are now well and truly safe, but with big financial institutions less able and willing to take on risk and innovation, we cannot rely on their scale to translate into productivity gains.

Instead, it is the focused specialists who are likely to redefine financial services.

The 2008 financial crisis was about vulnerability – banks failed or were deemed ‘too big to fail’. As a consequence, new rules for liquidity and capital levels injected a hefty dose of stability into the system.

Banks have evolved from being a cause of crisis to playing a supportive role in weathering the storm
Bob Diamond, Atlas Merchant Capital

The pandemic has tested the strength of the banking system with an economic collapse – and, so far, it has proven resilient.

Indeed, the banks have evolved from being a cause of crisis to playing a supportive role in weathering the storm and then helping to shape the recovery.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree