BIS: banks must shrink and simplify

The Bank for International Settlements (BIS), the Basel-based central banks' bank, has said that in the aftermath of the financial crisis, banks must become smaller, simpler and safer.

The BIS said in its Annual Report, published on Monday: "In the future, a financial firm that is too big or too interconnected to fail must be too big to exist."

The report acknowledged that this would lead to a less profitable financial sector, but indicated that this was a price worth paying. "Reducing moral haz

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