Mandelson: I was wrong on Diamond

LORD Mandelson backtracked on his claim that former Barclays boss Bob Diamond was the ‘unacceptable face of banking’ – after taking a job at a bank himself.

The Labour grandee, now an adviser at investment bank Lazard, said in an interview: ‘I went to Barclays one morning ... I pretty quickly realised that what I had said was pretty dumb. He is an impressive fellow.’

The 64-year-old former business secretary made his previous remarks during the 2010 election campaign, after it was reported Diamond was given a £63m pay packet.