Citigroup (C.N) Chief Executive Vikram Pandit was quoted as saying on Sunday that Britain’s plans to separate retail and investment banks were unnecessary as a series of measures to safeguard against failed banks was already being put in place.

Pandit told Britain’s Sunday Telegraph newspaper that the requirements for resolution planning if a bank goes bust, as well as safety being addressed through more capital and liquidity meant ring-fencing plans were not needed.

(Reporting by Neil Maidment; Editing by Susan Fenton)

Source: Reuters