UK's Myners: Some Banks May Need To Restructure

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Friday, UK's Financial Services Minister Paul Myners said some British banks may need to restructure themselves to minimize the complexity.

UK's Chancellor Alistair Darling has asked banks to draw up "living wills", resolution plans to facilitate wind-down without exposing the tax-payer to yet more risk.

"Every large institution will have to have an in-house 'undertaker' taking custody of the process, keeping it current, fully advised of any proposed action which needs to conform," he said at the Financial Times Global Finance Forum.

"This will change the structure of some banking groups; slim-lining structures and reducing complexity," he added.

Friday, UK's Financial Services Minister Paul Myners said some British banks may need to restructure themselves to minimize the complexity. (Market News Provided by RTTNews)