Citi CEO Says Investment Bank Split Not Required, Shock At BBC's Barclays Position

Citigroup CEO 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.

Reuters reports that 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.

In the meantime, the newspaper reports that a BBC executive has criticised the corporation’s decision to keep Marcus Agius on its executive board despite the Barclays chairman’s resignation over the rate-fixing scandal.

Sarah Legg said she was 'completely shocked' that the Harvard-educated banker will be allowed to retain $73,200-a-year post as senior non-executive director of the BBC's board until his current term expires in November.

Ms Legg, a programme executive with the CBeebies children’s television channel, said Agius 'should not be allowed to jeopardise the BBC’s reputation' by remaining a board member.