Banks will be able to claw back bonuses from their most senior managers for up to a decade under rules published on Tuesday by UK regulators, the Financial Times reported. The Prudential Regulation Authority and Financial Conduct Authority said in a joint statement on Tuesday that they were pushing ahead with rules for a wider seven-year clawback period, but that a further three years is being considered for the top tier of banks’ management where regulators find problems, to run concurrently with a seven-year bonus-deferral period.

The scandal which enveloped the Co-operative Bank was reawakened on Tuesday when the bank revealed it was facing fines from City regulators over the events that led to its near collapse two years ago, The Guardian reported. The bank is now just 20% owned by the Co-operative Group of supermarkets and funeral homes after an emergency fundraising was required to plug a £1.5bn shortfall uncovered in 2013. Control passed to hedge funds and other private investors after the rescue.

A 13 billion pound mortgage portfolio put up for sale by the "bad bank" charged with winding down the assets of two failed British lenders has lured interest from several possible bidders, the group's boss said on Tuesday, Reuters reported. UK Asset Resolution (UKAR), which is selling off the loans of bailed-out Northern Rock and Bradford & Bingley, said in April it was selling the portfolio, named Granite, along with its mortgage servicing operations, aiming to speed up the repayment of taxpayers' money.

Can misbehaving bankers be reined in? In the wake of seemingly endless banking scandals, Mark Carney, governor of the Bank of England, promised on June 10th to do just that. “The age of irresponsibility is over,” Mr Carney declared. The bank, the Financial Conduct Authority (a fellow regulator) and the Treasury hope to adopt and export a new model for regulating scandal-ridden fixed income, currency and commodities (“FICC”) markets. Recent wrongdoing in this area includes the rigging of LIBOR, a benchmark interest rate, and the manipulation of currency markets.

The British government is ready to exit the banking business, even if it means that it will record a loss on some of its holdings, the International New York Times reported. George Osborne, the chancellor of the Exchequer, said in a speech here on Wednesday night that the government would begin to sell down the 80 percent stake that it holds in the Royal Bank of Scotland. The speech was at the Lord Mayor’s annual banquet for the financial industry at the Mansion House in the City of London. The government is projected to sell some R.B.S. shares at a loss — at least initially.

HSBC is poised to unveil plans to cut thousands more jobs in its international empire as the scandal-hit lender struggles to knock its business back into shape, ThisisMONEY.co.uk reported. The global giant, which is reeling from allegations it helped clients dodge tax in Swiss bank accounts, is expected to make the announcement at its investor day on June 9. The number of job cuts has yet to be finalised, including how many staff will be affected in the UK. But according to a report on Sky News, between 10,000 and 20,000 around the world could face the axe.

The liquidators of a pair of failed Cayman Islands-based hedge funds run by a former Harvard quarterback are suing Barclays PLC to claw back some $80 million they say was illegally funneled to the bank to cover margin calls, The Wall Street Journal reported. The offshore funds--ICP Strategic Credit Income Fund Ltd. and ICP Strategic Credit Income Master Fund Ltd. -- were so-called feeder funds managed by ICP Asset Management LLC, a money-management firm founded by Thomas C. Priore. Lawyers for the liquidators said in a suit filed in U.S. Bankruptcy Court in New York that Mr.

Royal Bank of Scotland announced yesterday that it has agreed to sell a portfolio of Ulster Bank loans in Northern Ireland to an entity affiliated with Cerberus Capital Management, the Irish Times reported. It said the disposal of this portfolio represented the “final material transaction for RBS Capital Resolution in Northern Ireland”. RCR is the UK bank’s workout vehicle for problem loans. This would appear to be RBS drawing a line under the deleveraging of non-core assets at Ulster Bank’s Northern Ireland operation relating to the global financial crash.

Banks have paid billions. Regulators and prosecutors have extracted guilty pleas from financial institutions. Dozens of employees have been fired, and at least one chief executive has lost his job. Now, on Tuesday, the first trader in the sprawling, half-decade-old investigation into the rigging of global benchmark interest rates will go on trial in Southwark Crown Court, the International New York Times reported. The British authorities have charged Tom Hayes, a 35-year-old former trader from Citigroup and UBS with eight counts of conspiracy to commit fraud. Mr.

Research by ComRes and R3, the insolvency trade body, has found that the UK’s insolvency profession helped around 6,700 businesses continue trading in some way after entering formal insolvency. This, R3 says, amounts to 41% of formal insolvencies, economia reported. In total, the profession helped 10,400 businesses continue operating, either through formal insolvency or through working with a practitioner to avoid insolvency. These businesses employed approximately 540,000 after they received support.