Royal Bank of Scotland Group Plc, the recipient of the biggest banking bailout in the world, will eliminate more jobs and close additional branches before its restructuring is complete, Chairman Philip Hampton said.
U.K. banks shouldn’t be restricted from proprietary trading in a way similar to the U.S.’s so- called Volcker rule because it would be too complicated to police, said John Vickers, chairman of Britain’s Independent Commission on Banking.
Full implementation of international and U.K. regulations, including plans to insulate consumer lenders, may cut the implicit government guarantee of the banking system by about 80 percent, former Bank of England Chief Economist John Vickers said.
Chancellor of the Exchequer George Osborne warned lawmakers not to undermine support for legislation to make U.K. banks safer, urging them to stick with plans to erect firewalls around lenders’ retail units.
Chancellor of the Exchequer George Osborne will back proposals to erect firebreaks around the consumer-banking units of British banks as he seeks to protect taxpayers and depositors during future financial crises.