The National Federation of Retail Newsagents (NFRN) has slammed Barclays Bank for refusing to break itself into two banks, investment and retail banking.
Temporary Barclays chairman Marcus Agius has ruled out splitting off Barclays Capital from its high street banking division.
NFRN national president Alan Smith said: “This comes as little surprise and signals that the banking sector intends to carry out business as usual unrepentantly. This constitutes two fingers up to the regulators who, without fundamental restructuring, remain too weak to rein in the excesses of the ‘casino bank’ attitude which permeates investment banking.
“The government must take this as a statement of intention that, without serious political and regulatory intervention, Barclays at least will continue to allow its investment bankers to gamble funds from its high street divisions.
“If government fails to react to this statement then it will signal to the other banks that there is no threat to the current toxic banking status quo,” said Smith.
Source: NFRN
