Lloyds boss: Banks don't need breaking up

Daniels told the Treasury Committee ‘concentration does not lead to a lack of competition'. He also denied banks overcharge their customers and claimed most Lloyd's customers are satisfied. The Treasury is investigating competition in the banking sector, and points out Lloyds, Barclays, HSBC and RBS have a 73% share in the current account market. According to the BBC, Daniels said there is far less competition in other countries such as France, Australia, Canada and some US states including California. In response, Daniels said there are 60 different mortgage providers, 30 current...