Cable Says U.K. Banking Panel Will Prompt ‘Radical Surgery’
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Business Secretary Vince Cable said he expects Britain’s Independent Commission on Banking will lead to “radical surgery” to protect banks’ retail arms from the activities of their investment units.
Cable, a Liberal Democrat member of the Conservative-led government, said in a Bloomberg Television interview that ministers had appointed to the commission “expert surgeons” whose conclusions would trigger “greater competition and some form of break-up or separation of the different activities of the banks.”