RBS and Lloyds in major shake-up
- BBC
Previous Page
Next Page
RBS and Lloyds in major shake-up
Royal Bank of Scotland and Lloyds Banking Group are being forced to sell off nearly 1,000 of their branches in the biggest shake-up of the banking system in years.The sell-off is to safeguard competition concerns about the banks, which were bailed out last year by the taxpayer. Cash bonuses have also been cancelled for this year for staff on salaries over £39,000.The Chancellor, Alistair Darling, says the changes represent a better deal for the taxpayer. However, as he also announced both banks will also receive more taxpayers' money - to the tune of £30bn - opposition politicians say the latest bail-out will not guarantee to get the banks lending again.Mike Sergeant reports.
BBC | November 3, 2009
