UK reforms could cost banks up to 15 billion pounds

Making UK banks restructure their operations by splitting their retail and investment arms could cost the nation's big five lenders up to 15 billion pounds($24 billion) a year, according to a report in the Sunday Telegraph quoting a study.
The figure is contained in a confidential analysis done on behalf of the banks by management consultants Oliver Wyman. The analysis has been submitted to the government's Independent Commission on Banking (ICB), the newspaper said.
The report estimates the annual cost of so-called subsidiarisation to be between 12 billion and 15 billion pounds a year, it said.