LONDON (Alliance News) - The five largest banks in the UK have cut lending to consumers and businesses by GBP364.7 million over the past five years, according to research by KPMG LLP, Bloomberg reported Monday.
Total lending by Barclays PLC, Royal Bank of Scotland Group PLC, HSBC Holdings PLC, Lloyds Banking Group PLC and Standard Chartered PLC fell by 14% to GBP2.3 trillion at the end of the first-half of 2014 against 2009 levels, KPMG said.
"A wall of money has gone out of the banks into fines and redress," Richard McCarthy, the UK Head of Banking at KPMG told Bloomberg. "Hopefully the most egregious things have come out and hopefully the banks will be able to move forward."
http://www.bloomberg.com/news/2014-09-07/u-k-s-big-banks-cut-lending-by-595-billion-kpmg-says.html
By Sam Unsted; samunsted@alliancenews.com; @SamUAtAlliance
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Barclays (BARC)
Lloyds (LLOY)
HSBC Holdings (HSBA)
Standard Chartered (STAN)