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LONDON: The Treasury announced a major break up of UK’s banking sector, in a move that will put about 10% of UK’s retail banking sector up for sale to new and small entrants. Full Article at Times of India
Related Articles
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PLANS to break up Britain’s part-nationalised banks have now been announced as part of an effort to reduce the banks’ debts and encourage competition in the sector. Full Article at Manchester Evening News
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Britain is to break up state-rescued lenders Royal Bank of Scotland and Lloyds in a massive shake-up that will also see an extra 30 billion pounds injected into the pair, the Treasury said on Tuesday. Full Article at The Age
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Royal Bank of Scotland (RBS) and Lloyds have both agreed to defer bonuses in return for an additional £40 billion of taxpayers' money as part of a deal with the Government which will break-up two of Britain's biggest lenders. Full Article at Times Online
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Almost 4,000 retail banking jobs are to be cut by the Royal Bank of Scotland across the UK. RBS said there would be 3,700 losses, or about 14% of its high street retail banking workforce. Full Article at BBC News
Related Quotes
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We are building more competition, reducing the liability of our insurance, and this will be of benefit to the taxpayer
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These changes are better for the taxpayer, better for the banks and better for the economy ... They will mean stronger and safer banks better able to support the recovery.
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If they had kept the Bank of Scotland and Lloyds separate in the first place, they wouldn't have had to do this ... It is a pity they didn't think about this at the time.
SOURCE: The Scotsman -
As long as they keep Halifax. That is the most profitable part of the operation
SOURCE: The Scotsman
