Labour plans to refer high street banks to the competition authorities immediately if elected in 2015, the party leader is expected to say in a speech on banking reform.
The Guardian reports that Ed Miliband will say in a speech on Friday that he wants the proposed review by the Competition and Markets Authority (CMA) to complete within a year of the election, and anticipates it could lead to a breakup of the larger high street banks, such as RBS or Lloyds.
Mr Miliband is expected to argue that greater competition in financial services is central to restoring Britain's long-term economic prosperity and providing consumer choice.
More top news
The British public have voted St Paul's Cathedral the country's favourite building ahead of Stonehenge and Buckingham Palace.
A service to remember 'Operation Dynamo', the code name for the mass evacuation of allied troops in 1940, will take place on the beach.
The Bank of England has launched a secret project looking at the economic risk to Britain if the country votes to leave the European Union.