LONDON (AP) — Major British banks should ringfence investment banking operations from mainstream activities by 2019 to reduce the risks of taxpayers having to bear the cost of any future bailouts, a government-appointed commission recommended on Monday.
The long-awaited reported from the Independent Commission on Banking said its proposals would cost the banks up to 7 billion pounds ($11 billion) a year.
The report, which broadly echoed the proposals in an interim assessment in April, also endorsed the sale of 632 branches by Lloyds Banking Group, but did not, as some expected, call for the divestiture of even more branches.
Treasury chief George Osborne planned a …
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