Banks soar on FTSE

Blue chip banks roared higher today on news that Basel 3 regulatory reforms were set to be watered down.

Banks soar on FTSE
Tue, 27 Jul, 2010 - 19:32

Blue chip banks roared higher today on news that Basel 3 regulatory reforms were set to be watered down.

Part-nationalised Lloyds Banking Group led the charge with a gain of 9%, while Royal Bank of Scotland and Barclays soared 8% as investors cheered the prospect of more lenient restrictions on capital standards in the sector.

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