Lloyds Banking Group could reportedly be forced to drop its Halifax brand, divest 1,000 branches and lose 10% of its current accounts, under measures that may be suggested by the Independent Commission on Banking. If enacted, such demands would in effect mean unwinding the bank's acquisition of HBOS - a move which would anger shareholders given the losses incurred from the move in 2008
Goldman Sachs has revealed that it suffered a total of $13.5bn of losses from 'investing and lending' during 2008's financial crisis, up from the $8.5bn of losses it reported at the time. The revelation was made as part of an internal initiative to increase transparency over how the bank conducts its own investment activities, following accusations it had put its own interests ahead of customers'.
Julius Baer Bank's former chief operating officer in the Cayman Islands, Rudolf Elmer, is reportedly planning to disclose the details of 'massive potential tax evasion' to WikiLeaks. Mr Elmer will hand over the offshore bank account details of British and American individuals and companies, including 'approximately 40 politicians', tomorrow. He is due on trial in Switzerland in two days for stealing information.
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