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Barclays CEO CS Venkatakrishnan opposes changes to the UK's bank ringfencing rules, emphasizing the importance of depositor protection amid calls from other major banks to relax regulations. Barclays reported a 20% rise in first-quarter profits, driven by strong investment banking performance and increased market volatility. The bank also raised its net interest income guidance for the year, reflecting a stable domestic business despite some challenges.
Banking leaders are urging the UK government to abolish the ring-fencing regime, arguing it hinders economic growth and competitiveness. Barclays CEO CS Venkatakrishnan defends the system, emphasizing its role in protecting depositors, while rivals claim it restricts their ability to support businesses. The debate highlights the tension between regulatory frameworks and the need for financial sector growth.
HSBC reported a first-quarter profit before tax of $9.5 billion, down from $12.7 billion a year earlier, amid concerns over the impact of U.S. tariffs on loan demand and credit quality. The bank announced a $3 billion share buyback and maintained its performance targets despite a challenging economic outlook, while also noting a significant drop in U.S.-China business volumes. CEO Georges Elhedery highlighted ongoing restructuring efforts aimed at achieving $1.5 billion in annual savings by 2026.
Richard Gnodde, a prominent Goldman Sachs banker, is relocating to Milan after stepping down as CEO of the bank's international arm, amid concerns over the UK’s tax policies affecting high-net-worth individuals. Known for his calm demeanor and expertise in mergers and acquisitions, Gnodde has played a key role in significant deals, including the Arcelor takeover and the Saudi Aramco IPO. His move reflects a broader trend of wealthy individuals leaving the UK for more tax-friendly environments.
Top British bank chiefs, including those from HSBC, Lloyds, NatWest, and Santander UK, have urged the finance minister to abolish bank ring-fencing, arguing it hinders economic growth and is now unnecessary. They believe removing these constraints would enhance banks' ability to support businesses amid global economic challenges. The government has indicated a willingness to reconsider regulations to foster growth while balancing financial stability concerns.
Top UK bank chiefs, including those from HSBC, Lloyds, NatWest, and Santander, have urged Finance Minister Rachel Reeves to abolish bank ring-fencing, arguing it hinders their ability to support businesses and is now unnecessary. They believe removing these constraints would enhance the banking sector's capacity to foster economic growth. Reeves has acknowledged the need for reform but emphasized the importance of maintaining financial stability in light of past crises.
The CEOs of four major UK banks, including HSBC and Lloyds, have urged the Chancellor of the Exchequer to eliminate ring-fencing rules. They argue that these regulations, which separate retail banking from investment activities, hinder their ability to support the economy and are now unnecessary.
The chief executives of HSBC, Lloyds, NatWest, and Santander UK are urging the chancellor to abolish bank ring-fencing, arguing it hinders economic growth and imposes unnecessary constraints on lending. They claim the regulation, designed post-2008 crisis to enhance safety, is now redundant and detrimental to UK competitiveness. The bank leaders advocate for reform to better support businesses and attract investment, emphasizing the need for a clear commitment to abolish ring-fencing during the current Parliament.
NatWest's chair, Rick Haythornthwaite, expressed gratitude to UK taxpayers for the £46bn bailout during the 2008 financial crisis, emphasizing the bank's transformation into a safer, customer-focused institution. As it prepares for a return to private ownership, he assured shareholders that there are no plans for risky expansions despite government pressure for growth. Shareholders overwhelmingly approved a new executive pay policy, raising the CEO's potential earnings while maintaining a cautious approach to risk.
The gender pay gap at Lloyds Banking Group and Nationwide widened last year, with Lloyds' median gap rising to 35.5% and Nationwide's to 29.2%. Despite a record low overall UK pay gap of 8.4%, men still out-earn women at 78% of large employers, highlighting ongoing disparities in the financial sector.
Rachel Reeves
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barclays ceo opposes changes to uk bank ringfencing rules
08:33 30.04.2025
banking leaders clash over ring-fencing amid calls for regulatory reform
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