Lloyds Banking Group, which is 39% state-owned, paid more than £1m to 25 of its staff last year. . .

http://www.bbc.co.uk/news/business-21926665#

The major UK banks saw a 45% rise in core profits in 2012, but that hike was wiped out by a mix of regulation and their own mistakes, a KPMG report says . . .

http://www.bbc.co.uk/news/business-21916653#

The recent financial crisis not only revealed weaknesses in risk management, control and governance processes at banks, but also highlighted the need to improve the quality of external audits of banks. Given the central role banks play in contributing to financial stability, and therefore the need for market confidence in the quality of external audits of banks’ financial statements, the Basel Committee is issuing for consultation this guidance on external audits of banks. . .

http://www.bis.org/publ/bcbs244.htm

The European Commission has today adopted nine regulatory and implementing technical standards to complement the obligations defined under the Regulation on OTC derivatives, central counterparties (CCPs) and trade repositories (the so-called European Markets Infrastructure Regulation – EMIR) which was adopted on 4 July and entered into force on 16 August 2012 (see MEMO/12/232). They were developed by the European Supervisory Authorities and have been endorsed by the European Commission without modification. The adoption of these technical standards finalises requirements for the mandatory clearing and reporting of transactions, in line with the EU’s G20 commitment made in Pittsburgh in September 2009. . .

http://europa.eu/rapid/press-release_IP-12-1419_en.htm?locale=en

The Bank of England today published its first survey of banks’ liabilities. . .

http://www.bankofengland.co.uk/publications/Pages/news/2013/057.aspx

Lloyds Banking Group Plc (LLOY) will reap a gain of 400 million pounds ($596 million) from the sale of part of its stake in St. James’s Place Plc (STJ) as U.K. lenders face pressure from regulators to bolster capital. . .

http://www.bloomberg.com/news/2013-03-12/lloyds-to-reap-596-million-from-st-james-s-place-stake-sale.html

Barclays Plc (BARC), which paid about $450 million as the first bank to settle in a worldwide probe of interest-rate rigging, said benchmarks should be tied to actual market transactions and not estimates. . .

http://www.bloomberg.com/news/2013-03-11/barclays-backs-libor-based-on-transactions-rather-than-estimates.html

In a prosecution brought by the Financial Services Authority (FSA) and heard at Southwark Crown Court Richard Joseph, age 43, has been found guilty of 6 counts of conspiracy to deal as an insider. He has been sentenced to four years on each count, which will be served concurrently. . .

http://hereisthecity.com/2013/03/11/individual-sentenced-to-four-years-for-insider-dealing/

A total of 428 employees of Barclays and 93 at RBS earned more than £1m last year, the banks have disclosed. . .

http://www.bbc.co.uk/news/business-21715167#

The government’s proposed reforms of the banking sector still do not go far enough, according to a banking commission set up in the wake of the Libor scandal. . .

http://www.bbc.co.uk/news/business-21733477#