View more on these topics

Peace deal plan for banks

Whitehall officials are pushing a three-way deal between the Government, big banks and the Independent Commission on Banking.

According to the FT, the move is aimed at preventing  a public confrontation between the banks and the commission, easing tensions between the Conservatives and the Liberal Democrats over banking reform and paving the way for the reprivatisation of Lloyds and Royal Bank of Scotland.

The Independent Commission on Banking, which is chaired by Sir John Vickers, is set to present its interim finding on April 11, with the final report due in September. Bankers have expressed concern at the possible radicalism of the commission.

Officials and bankers say the benefit of a negotiated deal would be to accelerate the timetable for agreed reforms, avoiding the need for time-consuming legislation. It says the move would allow the Government to begin selling its 41 per cent stake in Lloyds and 84 per cent in RBS.

The commission’s April report is expected to be far more conclusive than initially thought, with the April-September period turning into a consultation process. The Treasury has been accused of meddling with the report, however officials have denied this.

Barclays, HSBC and Standard Chartered – the three banks most likely to be affected by the report – have all expressed concerns and have threatened to move abroad if the business costs become too excessive. Barclays is rumoured to be looking at relocating its head quarters to New York.



Resolution looks at overseas consolidation opportunities

Resolution has appointed Steve Taylor-Gooby as a Partner to focus on overseas consolidation opportunities Taylor-Gooby previously spent 25 years with actuarial firm Towers Watson where he led the Global Insurance Practice from 2003. Resolution founder Clive Cowdery says: “With the UK Life Project progressing well, we continue to develop restructuring projects for other markets.” Steve […]

Lloyds gets £15bn backing for branch sale

JP Morgan and Citigroup are providing a £15bn loan to Lloyds Banking Group after being appointed as joint advisers on the sale of 600 Lloyds branches. New chief executive Antonio Horta-Osorio sought the additional funding to speed up the sale of the branch network, which includes 185 Lloyds TSB Scotland branches and the Intelligence Finance […]


Former GP Noble principle Tony Morris charged over £52m fraud

Former Money Portal director and GP Noble principal Tony Morris has been charged for his role in defrauding nine pension funds of £52m. Morris appeared before Westminster Magistrates Court yesterday to be charged with conspiracy to defraud, theft and aiding and abetting fraud. He is due to appear before Southwark Crown Court on April 8. […]

Greece: the sideshow continues

Artemis managers James Foster, Mark Page and Laurent Millet comment on the Greek deal, describing it as “just another fudge” getting in the way of bigger developments in China, the UK and the US. To read the full article click here.


News and expert analysis straight to your inbox

Sign up


    Leave a comment