U.K. Labour Leader Urges More Bank Competition, Code of Conduct
This article is for subscribers only.
U.K. opposition leader Ed Miliband demanded more competition among banks and a new code of conduct for bankers in the wake of the Libor scandal that cost Barclays Plc a record fine and three top executives their jobs,
The big five U.K. banks should become at least seven, with existing lenders forced to sell off hundreds of branches, the Labour Party leader said in a speech in London today. He proposed that wrongdoers who break professional rules should be “struck off” so they can never work for banks in Britain again.