High Street lenders must improve their crisis plans to prepare for a potential collapse, the Bank of England said yesterday. Barclays, HSBC, Lloyds and Standard Chartered were among those told that they need to be more prepared for a potential failure. Standard Chartered was singled out as having a ‘shortcoming’ in its proposal to plan for the execution of its identified restructuring options. Threadneedle Street also identified that Standard Chartered, Barclays, HSBC, Lloyds and Virgin Money UK had ‘areas for further enhancement’. The Bank’s executive director Ruth Smith said: ‘The findings provide ongoing reassurance a major bank could enter resolution safely if needed.

Source: Daily Mail August 06, 2024 21:34 UTC