Euromoney is not a cheerleader for the UK. It just reports on global finance. And the evidence is compelling that Lloyds and HSBC are now industry-leading examples of the two very different business models that have emerged among the world’s top banks since the financial crisis.
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Lloyds has specialized within one country. In 2019, regulators will require UK banks to place their domestic retail and business banking operations inside distinct legal entities with their own capital and liquidity buffers that cannot be drawn down to cover losses incurred in supposedly riskier international investment banking.
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