UK Banks Recovery from Crisis is Behind European Banks
UK banks are lagging behind their European rivals in recovery since the financial crisis and are not expected to close the gap for years. Analysis by the Financial Times found that annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015, while profits at their European competitors were 34 per cent away from 2007’s levels.
“Annual profits at the UK’s five biggest banks were still running 63 per cent below their 2007 high in 2015”
~ Financial Times
The figures show the toll the financial crisis has taken on UK banking industry which has been forced to shrink and restructure in the aftermath of the global financial crisis. All of the so-called big five UK banks — HSBC, Barclays, Lloyds, RBS, and Santander — had 2015 profits that were far lower than in 2007
About United Kingdom
Ridding the world of poverty is not only morally right, but would make the world a better place for everyone. In pursuit of this goal, the United Kingdom and the World Bank Group work together to develop policies on a wide range of issues, such as conflict prevention, governance, health, and education — trying to enable millions in the poorest countries to be immunized, gain access to roads and clean water, and become teachers, among other benefits. The Bank Group’s expertise, knowledge, and ability to work across sectors and countries helps further the goals of human, economic, and sustainable development around the world.
The United Kingdom became a member of the International Bank for Reconstruction and Development (IBRD) — the World Bank—in December 1945 and played a crucial role in helping found the Bretton Woods institutions (World Bank and International Monetary Fund). Today, the United Kingdom remains a major shareholder and an important and influential partner in global efforts to reduce poverty.
Visit: World Bank on United Kingdom
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