Banks face Britain's ring-fence hurdle in hiring directors

Under new rules, senior bankers will be held to account for reckless decisions that cause a bank to fail


BRITAIN'S major lenders may find it hard to hire dozens of directors that are required as part of a radical reshape of the industry aimed at protecting it from future investment bank crashes.

Britain wants banks such as HSBC, Barclays and the UK arm of Spain's Santander to ring fence their retail units from their wholesale operations, including creating a separate board for their retail divisions that would be independent of the parent group.

But the banks may struggle to fill these boards because the directors will be more exposed if things go wrong, particularly under new rules which will make it easier for the regulator to hold senior bankers to account for misconduct, including the threat...

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to