The UK banking industry is undergoing a new period of upheaval.
In recent months, HSBC has announced plans to shut much of its investment bank in the country, Lloyds Banking Group and Santander UK are both axing jobs and closing hundreds of branches. The latter has also considered exiting the British retail market entirely.
These may all be for idiosyncratic reasons but they add up to an environment where the broader attractiveness of Britain as a place for banks to operate is once again under scrutiny.
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