Added by Monique Robinson on September 23, 2010
Excesses of the banking industry have been forcefully regulated by the worldwide economic crisis which resulted in an emphasized social responsibility. This is one of the issues that will be discussed at the 6th annual Clinton Global Initiative, which was started by former US president Bill Clinton.
President Barack Obama together with Microsoft’s Bill Gates and numerous celebrities will attend the annual meeting together with over 1,300 people,
Robert Diamond, Barclays President, stated during the Clinton Global Initiative philanthropy meeting held this Wednesday that strong banks look forward to strong regulation because during the economic recession, they were put together with failed banks.
Barclays intends to give away a part of its profit each year, and Mr. Diamond stated that it is important to change the business culture by supporting it to become involved more in charity.
Barclays’ total profits for 2009 amounted $18.2bn, out of which $90m was donated to charity.
The Clinton Global initiative costs of a three-day annual meeting and attendees must make commit to support tackling economic empowerment, energy, education, health and environment.
This year’s meeting started this Tuesday and there have already been recorded approximately 300 pledges with an estimated value amounting $6bn.