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
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