Bob Diamond, the Chief Executive  Officer of Barclays (NYSE: BCS) is fighting to save his career as the firm  endures financial losses, and punishment by the market for its role in the LIBOR  market rigging scandal that occurred on his watch.

Last year, Diamond commented to a  British parliamentary committee “There was a period of remorse and apology for  banks and I think that period needs to be over. We need our banks (to be)  willing to take risks … so we can create jobs.” He has been well known for his  aggressive stance against regulators he felt failed to understand the  intricacies of banking and markets. His vigorous defense now comes back to hurt  him, as the very type of regulation he railed against for so long could have  prevented the mounting losses, judicial inquiries, and stock plummet the firm  has recently been enduring.

Authorities have found that  Barclays traders rigged the Libor interest rate from 2005 to 2009 while Diamond  headed the British bank’s investment banking operations. Now, Diamond’s tone has  changed, as evidenced by a statement he issued Wednesday “I am sorry that some  people acted in a manner not consistent with our culture and values.” As part of  the statement, he also indicated that he would forgo his 2012 bonus.

British and U.S. regulators  have fined Barclays $450 million for the scandal and Diamond’s job is on the  line. Martin Taylor, who was Barclays chief executive from 1994 to 1998  commented “It’s for the board to decide whether Bob Diamond – who has amazing  leadership qualities and huge personal following in the organization – whether  he can be the person to turn the page on this or whether he is part of the  problem. If you go in for a policy of systematic dishonesty you have some  rebuilding to do. And I’m sure the board will be very conscious of  that.”

The LIBOR rigging scheme is not the only blemish on the record, just four  months ago Barclays was also accused of running “highly abusive” tax avoidance  schemes, and all British banks have been hit by a multi-billion-pound insurance  mis-selling controversy. Scrutiny in the coming days is likely to focus on how  much senior management knew, and how far company culture was to blame. Only time  will tell if Diamond gets to keep his job at the top of Barclays, but one thing  is for certain – the hawkish Diamond of recent years won’t likely be appearing  for quite a while.