Barclays’ Diamond argues case for universal banking

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Bob Diamond, the chief executive of Barclays Bank, has parried claims that combining retail with investment banking threatens financial stability, saying the universal model not only enabled banks to lend for less, but was also less risky.

In an at-times testy hearing with British lawmakers from the influential Treasury Committee on Tuesday, Diamond said: "Our business model of universal banking is a good starting position [for avoiding failure]. It's good for diversifying clients, deposits and

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