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08th of March 2011
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News Tag: break-up

February 4, 2011

CBI opposed to bank break-up

by Kay Murchie
Employers’ group, the Confederation of British Industry (CBI), has today warned about the implications of breaking up the country’s banks. Its warning comes as the Independent Commission on Banking (ICB) continues to look into the possibility of splitting up the big banks - a move which could increase competition and choice among high street banks. It would also make banks safer and less at ...

January 24, 2011

Ministers threaten banks over lending targets

by Kay Murchie
A report by the BBC has established that bank’s lending targets have not been met and pressure is now mounting for bank bosses to reduce bonuses and increase lending to businesses and homeowners. After talks, the Treasury has made it clear that the Government will threaten to break up big banks unless they agree to meet targets. The credit crunch saw the ...

October 26, 2010

Bank Governor supports breaking up banks

by Kay Murchie
Mervyn King, the Bank of England’s Governor, has expressed his support for breaking up banks - measures that would shake-up the UK’s banking industry. Mr King’s comments come shortly after the Independent Commission on Banking (ICB) said it was looking at ways to increase competition and choice among high street banks. One option could see existing banking giants broken up and new names ...

September 24, 2010

Independent Commission to consider breaking up big banks

by Kay Murchie
In a further massive shake-up of the UK’s banking industry, the Independent Commission on Banking (ICB) is looking at ways to increase competition and choice among high street banks. One option could see existing banking giants broken up and new names enter the industry. The ICB, which is headed by Sir John Vickers, was established in June to look at ...

November 2, 2009

RBS to axe 3,700 branch jobs

by Kay Murchie
Royal Bank of Scotland (RBS), which is 70% owned by the taxpayer, has announced it is to eliminate 3,700 positions among its branch staff. The bank, which along with Lloyds Banking Group is to be broken up, said the redundancies are the equivalent of 14% of its workforce and the job losses are in addition to the 10,000 back-office cutbacks ...

October 27, 2009

MPC member warns of ‘lost decade’

by Kay Murchie
Bank of England’s Monetary Policy Committee (MPC) member, Adam Posen, has warned that the UK is facing a Japan-style lost decade. Japan, which is the world’s second largest economy, endured a so-called “Lost Decade” in the 1990s, whereby economic expansion grinds to a halt. In a speech, Mr Posen warned that Britain's dysfunctional banking system bears similarities with that of Japan and could ...

September 18, 2009

Lloyds reconsiders participation in Asset Protection Scheme

by Kay Murchie
Lloyds Banking Group is in discussions with the Government with regard to its participation in the Asset Protection Scheme (which insures against losses arising from toxic assets). The banking giant, which is 43% owned by the taxpayer, enrolled in the scheme in March and planned to put £260 billion of loans and investments into the scheme (APS) - in return ...