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The Bank of England's Funding for Lending Scheme (FLS) is like a "pretty bandaid" for the banking sector, one economist told CNBC on Wednesday after the central bank expanded the program.
Britain's biggest retail bank Lloyds received more complaints than any of its rivals in the second half of 2012, data published by the U.K.'s financial regulator showed.
James Crosby, former boss of failed British bank HBOS, offered on Tuesday to give up his knighthood and nearly a third of his pension after being denounced by lawmakers for the "colossal failure" that led to his bank's collapse.
Bank chiefs at HBOS, once one of Britain's biggest banks, were condemned as a "model of self-delusion", in a damming report by Britain's Banking Standards Commission on Friday.
Patrick Jenkins, banking editor at Financial Times, tells CNBC that the HBOS report will lift the lid on a culture "driven by seeking profit at all costs" which should provide lessons for the future.
U.K. banks will be need to raise an extra 25 billion pounds ($38 billion), the Bank of England's Financial Policy Committee (FPC) said on Wednesday, detailing the capital shortfall facing the country's financial institutions.
European shares closed lower on Tuesday as markets await the outcome of a critical vote in Cyprus to tax bank deposits.
European shares edged lower on Friday, impacted by weaker bank and mining stocks, and traders expected equities to stay trapped in a tight range this month.
British bank Lloyds made a loss last year after setting aside a further 1.9 billion pounds ($2.9 billion) to compensate customers mis-sold payment protection products and planned to give its chief executive a 1.5 million pound bonus.
UK banks led European shares higher on Tuesday after Britain's third biggest lender, Barclays, unveiled swingeing cost cuts and a strategic overhaul.
Royal Bank of Scotland will be punished for its role in the global interest-rate rigging scandal with fines amounting to $612 million, the British bank said on Wednesday.
Banks that rigged interest rates behaved in "brazen, flagrant" fashion, the head of the Commodities and Futures Trading Commission told CNBC on Wednesday.
Lloyds Banking Group is likely to pay its staff less in bonuses for 2012 than the year before and will "undoubtedly" pay out less than the other major British banks, its chairman said on Wednesday.
European shares suffered steep falls on Monday as mounting political uncertainty in the peripheral euro zone prompted investors to lock in profits on indexes trading close to multi-year highs.
U.K. Chancellor George Osborne said on Monday that banks in Britain will have to separate retail banking from riskier investment banking activities.
British banks that fail to guard their day-to-day banking from risky investment activities will face being dismantled, finance minister George Osborne is set to say later on Monday.
Credit Suisse Group Inc faces a potential $2 billion of exposure over fraud that occurred a decade ago at National Century Financial Enterprises, a result of a federal judge's determination on how to apportion responsibility.
Banks in Spain, Italy, Ireland and Britain need to set aside much more money to cover potentially bad loans, credit ratings agency Moody's said on Thursday, meaning European taxpayers may again be tapped for cash.
Rallying telecom stocks and a bullish start to the new earnings season propelled Europe's top shares to fresh 22-month closing highs.
Investment banking has been the focus of much of the recent news in the financial universe, with politicians urging banks to refocus on their traditional retail operations.