Fund managers back insurers for UK financials exposure

Problems for banks have been innumerable in recent years, with a combination of stricter capital requirements, stress tests, and heavy fines for LIBOR and forex manipulation, and payment protection insuranace mis-selling all hitting profitability. This has led to cost cuts, with Lloyds being the latest firm to scale back operations, revealing plans to cut 9,000 jobs and close 200 branches. Year to date, Barclays is the worst performing bank, suffering a share price fall of 12%, while HSBC has fallen by 4%. The only one of the big banks to report a rise in its share price is Royal Bank...