Global regulators have postponed a meeting to agree major reforms to the banking sector prompted by the 2008 crisis.
The banking sector is to face fresh scrutiny from MPs, who are embarking on a new inquiry to examine rules put in place after the financial crisis in 2008 to prevent further billion-pound taxpayer bailouts.
Royal Bank of Scotland should be mutualised to overhaul the culture of the bailed-out bank and bolster high street competition, according to an MP.
HSBC has been forced to insist its plan to install more than 1,000 key staff in Birmingham is on track, after the process was reportedly described as “in crisis” by an official monitor at Britain’s biggest bank.
The Bank of England has given banks an extra two years to comply with new rules that are intended to avoid a repeat of the taxpayer bailouts needed during the financial crash.
Inquiries into the banking sector have arrived at a rate of about one a year for the past couple of decades, but has any been as feeble as this summer’s offering from Competition and Markets Authority? That was the one that concluded that a few tweaks, like better price comparison websites and a voluntary cap on overdraft charges, might succeed where stiffer remedies had failed in the past to boost competition.
Wells Fargo’s chief executive and chairman, John Stumpf, is retiring effective immediately from both the bank and the board in the wake of the scandal over its sales practices.
Wells Fargo is guilty of “egregious corporate behavior”, Hillary Clinton said while speaking at a rally in Ohio on Monday. Her speech came on the same day as Illinois became the second state to cut ties with the bank.