The Bank of England discovered about 120 years ago that women were ideal for some of its most tedious work: processing old banknotes. Now, the bank counts on its female staff to set rules for one of the world’s top financial centers -- before they leave early to pick up the kids.
Top U.K. investment bankers were paid an average of 1.95 million euros ($2.65 million) in 2012, as bonuses continued to exceed caps set to take effect next year, according to the European Union banking regulator.
U.K. Chancellor of the Exchequer George Osborne ordered an independent inquiry into events at Co- operative Bank Plc after the lender’s parent ceded control and former Chairman Paul Flowers was arrested.
Co-Operative Group Ltd.’s chairman stepped down earlier than planned as its banking unit’s former chief executive officer said its acquisition of Britannia Building Society didn’t cause the lender’s near collapse.
Bankers that fail to report colleagues’ misconduct should be forced to pay back a portion of their bonuses, the Bank of England said as it seeks to rein in practices that tarnished the reputation of lenders.
Branches of foreign banks opening in the U.K. won’t be able to take retail deposits unless they convince the regulator they can be easily wound down in a crisis, said Andrew Bailey, the U.K.’s top banking supervisor.
Co-Operative Bank Plc’s merger with Britannia Building Society and its proposed purchase of branches of Lloyds Banking Group Plc were encouraged by government ministers, former Chairman Paul Flowers said.
Former employees of Bernard L. Madoff who are on trial on charges they aided the convicted con man’s $17 billion Ponzi scheme were unaware of the fraud and were duped into helping him keep it going, lawyers told a jury.