King: Split RBS to save the UK economy
In advocating that RBS should be split into good and bad banks, Sir Mervyn King is showing a “major display of independence in his last months in office”.
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Senior bankers should be jailed for reckless misconduct, a keenly-awaited parliamentary commission into the collapse of the banking system recommends.
RBS apologises to its millions of customers after a technical problem left them unable to access accounts for the second time in nine months. But some customers continue to experience problems.
In advocating that RBS should be split into good and bad banks, Sir Mervyn King is showing a “major display of independence in his last months in office”.
Chancellor George Osborne is left isolated as he attempts to water down EU plans to limit bankers’ bonuses.
Royal Bank of Scotland pays more than £600m in bonuses to its staff, despite a “chastening” year in which it made pre-tax losses of £5.2bn.
It’s amazing isn’t it, that five years on from the banking crisis, bank bosses are still having to forego their bonuses for bad behaviour. Today it was the turn of Antony Jenkins.
Chancellor George Osborne describes a move by RBS to exit a state-backed insurance scheme as a “step” towards returning the bank to the private sector.
Scores of Halifax and Lloyds TSB customers have their cards rejected and been left unable to use some ATMs across the country.
Taxpayer-owned RBS lost £1.5bn in the first half of the year after an IT meltdown and setting aside funds to compensate customers mis-sold financial products. It now faces fines for Libor rigging.
Sir Mervyn King, the governor of the Bank of England, today used the continuing IT meltdown at RBS and NatWest to criticise the structure of the bailed-out banking group. He had stern words for RBS’s management, saying that the FSA should carry out a “full investigation” of the week-long computer problems.
NatWest opens 1,200 branches across the country for the first time ever on a Sunday as the bank tries to clear a massive backlog of payments caused by a computer glitch.
As some Barclays shareholders refuse to back pay packages for top executives, Business Secretary Vince Cable tells Channel 4 News he welcomes the move.
Part-nationalised Lloyds bank has posted total losses of £3.5bn for last year, but says it is “in a significantly stronger position than it was 12 months ago”.
Barclays has reported a 3 per cent fall in profits last year to £5.9bn. The bank has also slashed the bonus pool for its investment banking arm amid mounting pressure over the payouts.
As the bicentenary of Charles Dickens’ birth is celebrated, Channel 4 News looks at the themes he might include in his novels if he were writing in 2012.