Large banks "inappropriate" for Britain

Britain should not depend on people in banking jobs in large institutions, a business expert has said.

Peter Hahn, a fellow at Cass Business School, explained that the UK relies on small to medium-sized enterprises and for this reason, depending on big banks was "inappropriate".

The former managing director of Citigroup added: "We're in an economy where our larger and larger companies are being taken over or don't fit the current times, and more and more of our growth is coming from small and mid-sized companies.

"Small and mid-sized companies are served better by more regional and mid-sized banks …. What we've got is these ever-bigger banks, and their ability to deal with small and medium-sized enterprises is a big challenge."

The comments were made in response to Lloyds Banking Group's announcement of the planned closure of all 164 Cheltenham & Gloucester branches, a move that will result in more than 800 full-time job losses.

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