The reputation of British banking was hit hard in the summer of 2012 as all four of the UK’s major banks ran into problems. RBS suffered a serious computer glitch, Barclays was caught fixing Libor, HSBC was fined for money laundering in Mexico, and a Lloyds employee admitted major fraud. This was all against a backdrop of PPI mis-selling, interest rate swap mis-selling, Standard Chartered being fined for Iranian dealings, and Spanish banks needing a bailout. It led to RBS Chief Executive Stephen Hester stating that banks had become “detached from society.
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