Diamond formed Atlas Mara after stepping down as Barclays CEO in 2012 amid outrage from U.K. politicians over allegations that some of the bank’s traders manipulated benchmark interest rates. Regulators never accused Diamond of wrongdoing. Some former Barclays traders were later prosecuted and the bank paid billions to settle claims that it engaged in misconduct.
Things haven’t gone as planned at Atlas Mara. Its shares have tumbled 75 percent since its IPO. The company has been hurt by the fizzling of a commodities boom that had made Africa an investment hot spot.
This article was provided by Bloomberg News.