New BBA chair Marcus Agius takes softer approach on banking commission

Memo to Angela Knight, chief executive of the British Bankers' Association (BBA) and combative apologist for the excesses of the banking business: it may be time to put a sock in it when it comes to the banking commission. Marcus Agius, an altogether smoother operator, became chairman of the BBA after Stephen Green's departure to government on Tuesday. As Barclays chairman it was Agius who sanctioned the elevation of Bob Diamond to the role of chief executive last week – angering business secretary Vince Cable, who seems to rate investment bankers just above cockroaches (or maybe just below). Agius, however, quite deliberately declines to go the offensive about the commission. He insists he is "respectful" of it and its work. Even Diamond parrots the line. That's rather different from Knight's view that the very existence of the commission makes the UK "look an unattractive proposition" and puts us "out on a limb". BBA bigwigs may well share her views, but Agius's tactics look smarter.