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Barclays results show ringfencing critics were spot on

Those who argued that ordinary lending was actually riskier and had caused more bank failures than anything to do with capital markets were right, says FN columnist David Wighton

Jes Staley, chief executive officer of Barclays
Jes Staley, chief executive officer of Barclays Photo: Simon Dawson/Getty Images

Thank goodness the coalition government forced the big banks to ringfence their UK retail operations from their riskier investment banking arms or what Vince Cable, then business secretary, liked to call “casino banking”. Otherwise the high street banks would now be imperilled by the huge losses racked up by the City fat cats in the pandemic market meltdown.

It shows the wisdom and guts of those who stood up to the City’s lobbying might and …

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