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It would not be unfair to say that Barclays Capital has been the making of Bob Diamond and that Bob Diamond has been the making of Barclays Capital. Diamond has led the firm from relative obscurity to a place at the top table of European debt banks. Barclays Capital is now aggressively—and by all accounts successfully—making an assault on the US bond market. And thanks to Barclays’s success Diamond’s name is now among the biggest in banking.

When Diamond joined in the summer of 1996, neither

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