City rift opens up over the ringfencing of UK banks

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Financial Times 20h ago

City rift opens up over the ringfencing of UK banks - Financial Times

Quick Summary:

Once UK funding is no longer trapped, rates could rise.“Removing ringfencing would be foolish policy and odd politics,” says Sir John Vickers, the Oxford academic who led the regulatory commission that conceived the rules.

Perhaps his prior career at Barclays — first as chief risk officer, then as head of markets — has made him distrustful that his investment bankers won’t misuse retail deposits.

From John Varley, who ran Barclays during the 2008 financial crisis, to Jes Staley, CEO up to three-and-a-bit years ago, the bank’s bosses have consistently campaigned to resist government bailouts and fend off onerous regulations.