U.K. banks will struggle and face more 'pain' weighed down by conflicting demands from investors, customers, regulators and the government, according to KPMG.
Bloomberg News reports that the total assets of British lenders have dropped 25% over five years to $8.63trill, while capital reserves have been boosted by $154.1bn, the accounting firm said in a report.
Since 2008, the banks have faced about $47.23bn of costs for litigation, fines and customer compensation, it said.
'Most board members of U.K. banks have taken on their roles post crisis and are committed to making the changes required', David Sayer, global head of banking at KPMG, said in the statement. 'We must give bank management time to deliver, which will help restore the trust, viability and reputation of the banks'.
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