UK banks cut over 1,000 jobs in a week - papers

Barclays’ decision to cut 500 positions in its corporate banking business has meant job losses in the UK banking sectors have hit almost 1,400 this week.

On Wednesday, Lloyds cut 360 jobs as part of its continued cost-saving programme, while Royal Bank of Scotland announced the loss of more than 700 jobs, the Telegraph reports.

David Fleming, a Unite national officer, said: "These workers are paying the price for the financial risks taken by those rich and greedy bankers at the top of the finance sector."

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Basel III break for banks in EU

Banks in the European Union could avoid some of the tighter Basel III capital requirements under draft legislation implementing the standards across member nations.

The 500-plus page draft, which has not been officially released, could allow EU banks to count more of the capital in their insurance subsidiaries than the global rules call for, the Financial Times reports.

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Branson to raise £3bn for purchase of Lloyds branches

Sir Richard Branson's Virgin Money is aiming to raise £3bn of financing by the end of July to bid for 600 branches being sold by Lloyds Banking Group.

He met the Lloyds chief executive, Antonio Hórta-Osório, on Tuesday to discuss a bid which would help him achieve his goal of enter high street banking on large scale, the Guardian reports.

Lloyds is having to sell some of its branches in order to meet EU rules on state aid and the independent commission on banking has said it may force the bailed-out bank top sell off even more.

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Greece could be disqualified from IMF cash injection

Greece could be disqualified from claiming part of its next cash injection from the International Monetary Fund (IMF), the chairman of European Finance Ministers has warned.

Jean-Claude Juncker said the country was unlikely to be able to guarantee its funding over the next 12 months, preventing the IMF from releasing funds under its own rules, the Telegraph reports.

"The IMF can only be active when there is a refinancing guarantee for 12 months. I don't think that the troika [European Union, European Central Bank and the IMF] will come to this result," he said.

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