Barclay's Diamond: We Don't Need To Raise Capital (BCS)

Barclays PLC BCS does not need to raise additional capital to meet requirements to comply with Basel III, says its CEO Bob Diamond. Diamond believes that the new rules could add $237 billion to its risk-weighted assets, but Barclays will be fine, as it lifted its core tier one capital ratio to 10% from 4.7% in 2007. Diamond also said he does not believe the U.S. is likely to go in to a double-dip recession, while speaking at a Bank of America Merrill Lynch conference. Deutsche Bank recently started the process of raising some $13 billion in new capital, to comply with Basel III, as well as complete its takeover of Postbank. Shares of Barclays are down 26 cents in pre-market trading to $19.31.