Bank chiefs bow to ringfencing but warn of unintended consequences
Chief executives of the UK’s largest banks on Tuesday accepted that the separation of banks’ retail operations from their investment banking entities was a “done deal”, although some warned that the move would pass extra costs onto consumers.
Answering questions from the House of Lords Economic Affairs committee on Tuesday afternoon, Stephen Hester, CEO of Royal Bank of Scotland, said that ringfencing measures proposed in the Independent Commission for Bankings Vickers report carried significant additional costs [that] will not be balanced by their benefits.
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