UK banks should be smiling today. That’s because Barclays PLC Chief Executive Bob Diamond announced on Sunday that the UK is, once again, a “very good place” to do business. This announcement came as a result of the publication of the Vickers report, which evaluated whether or not to split up retail and investment banks.
Diamond explained that the result of the report, which offered banks until 2019 to get their retail banking business back from investment banks, is something that “we can live with.” He explained that the UK now looks like a great place to do business, as the Vickers review ended uncertainty in the region and the government is working to reduce its budget deficit.
Diamond made these remarks while sitting on a panel with other senior financial officials at the Institute of International Finance in Washington. Also on the panel was Andrea Enria, the chairman of the European Banking Authority.