Bradford & Bingley

An FSA investigation into the problems at Britain's failed banks has revealed a litany of internal breakdowns and flawed controls that masked the full extent of their failings, according to The Sunday Times.

Bradford & Bingley (B&B) is to divide its £50bn balance sheet into "good" and "bad" assets in an exercise that echoes similar plans at Northern Rock.

Shareholders in nationalised bank Bradford & Bingley (B&B) will have to wait until the end of June 2010 to be told the amount of compensation they will receive.

Bradford & Bingley (B&B) says mortgage arrears at the firm, which was crushed by the financial crisis last year, more than doubled in the first half of 2009.

The Financial Services Compensation Scheme (FSCS) says it expects an influx of claims against mortgage brokers in 2009/10 after banking failures saw it pay out more than £21bn in total in the last financial year.

The government body at the heart of efforts to prop up Britain's banks is facing fresh upheaval with the appointment of a new chairman and the departure of its chief executive, writes the Daily Mail.

Spanish banking giant Santander is to rebrand its UK high street brands, with Abbey, Alliance & Leicester (A&L) and Bradford & Bingley (B&B) all to become known as Santander by the end of 2010.

Steven Crawshaw, the former chief executive of the part-nationalised Bradford & Bingley, received more than £1m last year even although he only worked for five months because of ill health, The Guardian reports.

The Government this morning nationalised the UK's eighth-largest bank Bradford & Bingley, with Santander taking on the beleaguered lender's savings business.

Bradford & Bingley (B&B) has announced it will cut 370 jobs to streamline its operations in response to the mortgage downturn.