Britain's high street banks could incur another £130bn of losses in the next 18 months, ratings agency Moody's warned yesterday, on top of the £110bn hit they have taken on bad loans since the start of the financial crisis in 2007.
Moody's also warned that the sector would be driven by regulation and government intervention as well as demands from the EU for banks in receipt of taxpayer funds to sell off large parts of their businesses, The Guardian reports. Full story...
A furious judge has rejected a proposed out-of-court settlement that would have seen Bank of America pay $33m (£20m) to resolve claims that it lied to shareholders during the takeover of Merrill Lynch last year, according to The Independent.
In an almost unprecedented move, US District Court Judge Jed Rakoff said the settlement was not fair or reasonable, and that BofA would have to explain itself at a trial next February. That will pile additional pressure on Ken Lewis, the bank's chief executive, who has already been warned that he personally might face civil charges from the New York attorney general. Full story...
A year after Lehman Brothers collapsed, a think-tank has warned the lessons of the crisis have not been learned, says the BBC.
The Institute for Public Policy Research (IPPR) says the rapid return to the City's bonus culture shows real reform has been "very limited". Full story...
Predicted to hit £180bn AUM
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£60m AUM to Sanlam UK