HSBC admits to misgivings over ring-fence amid cost complaints
HSBC chairman Jonathan Symonds tells a UK parliamentary committee that implementing the measure will cost £1.5 billion and distract the bank from improving its culture
HSBC has cooled on UK banking regulatory reform proposals – including the ring-fencing requirement to separate investment and retail banks suggested by reform commission chair John Vickers – because of the "significant" cost of putting them in place over the next few years, a UK parliamentary committee has heard.
Vickers, HSBC chairman Jonathan Symonds and Lloyds chief financial officer George Culmer appeared before the House of Lords Economic Affairs Committee on June 30 to give evidence on
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