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Mark Carney: 'The age of irresponsibility is over'

Mark Carney, the governor of the Bank of England, is to claim that the "age of irresponsibility" in banking is over.

Mr Carney is set to announce new rules for markets which will hold senior managers responsible for what their staff get up to for the first time.

ITV News economics editor Richard Edgar has more:

Could Midland Bank be set for a comeback?

Industry experts believe HSBC may resurrect the old Midland brand, before selling off the UK arm of its business.

The group, which today outlined plans to cut as many as 8,000 British jobs, is moving its head office to Birmingham and said it plans to rebrand its UK retail banking business.

Economics Editor Richard Edgar reports on the changes and a potential return to the "Midland" name HSBC dropped 23 years ago:


Trade gap fall boosts UK's economic growth hopes

Britain's economic growth is predicted to bounce back after figures showed a significant narrowing of the UK's trade deficit.

Economists say the official figures could boost the UK's economic growth. Credit: PA Wire

The Office for National Statistics (ONS) said the trade gap was estimated to have shrunk to £1.2 billion in April - down on the £3.1 billion recorded for March.

Economists said the figure could provide a "sigh of relief" and boost economic growth in the three months to the end of June.

Growth slowed to 0.3% in the first three months of 2015, with trade acting as the biggest drag on the gross domestic product (GDP) figure.

"Even if the trade deficit widens again in May, there is a decent chance that net trade boosts overall GDP growth in the second quarter," Vicky Redwood, chief UK economist at Capital Economics, said.

HSBC plans branch closures in Britain

Along with the announcement of 7,000-8,000 UK job cuts, HSBC has confirmed that it will "trim" its 1,057 branches across the UK.

HSBC plans to 'trim' its UK branches

The group said it aims to cut its worldwide network of branches by 12%, with the UK being one of seven regions to be impacted - but it declined to give further details for British branch closures.

HSBC's British high street operations are also set to undergo a rebrand, CEO Stuart Gulliver said. They will operate under a new brand name that is yet to be decided on.

HSBC's UK head office is being relocated from London to Birmingham by 2019 amid regulatory "ringfencing" rules, giving rise to speculation that the group's retail arm will see a return to the "Midland" brand.

Its UK branches used to be known as Midland Bank before they were swallowed up by HSBC in 1992.

HSBC to decide on HQ move 'by the end of the year'

HSBC will decide on whether to move its headquarters from London by the end of the year.

Any move that goes ahead will take two years to execute, ITV News Business Editor Joel Hills reported.

The bank, which today announced it is axing between 7,000 and 8,000roles from its 48,000-strong UK workforce as part of a cost-cutting strategy, said it is "too soon" to say whether it will keep its UK head office.

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