Lloyds Banking Group has confirmed that it plans to close more than 150 branches axe 9,000 jobs as part of a modernisation programme.
Supermarket giant Tesco has added some competition to the current account market by launching its own service, which attempts to attract customers with high interest rate and Clubcard rewards.
Barclays is to create a “bad bank” for its non-core assets next week as it attempts to revive its struggling investment banking operations.
EU ministers have agreed to create a €54 billion (£46bn) fund, financed by the banking industry, to respond to future crises of failing eurozone banks.
The EU has made progress on the construction of a banking union, by agreeing on common rules for dealing with failed banks. The downside is that these rules won’t kick in until 2015.