The City roundup video: A bad day for the banking sector

Video: Jamie Dunkley provides a run-down of the day's major news from the City

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The Independent Online

Don't miss out on the goings on in the business world, with our daily round-up of the biggest news from the City.

It’s been a bad day for the banking sector with Lloyd’s announcing 9,000 job cuts, Standard Chartered issuing a profits warning and UBS putting more money aside for legal costs.

Lloyds, which was bailed out by taxpayers during the financial crisis, is wielding the axe because fewer of us are using branches.

Instead, we’re using our phones and the internet, which explains why the bank plans to invest £1 billion in technology. In total, a net of 150 branches are being shut down.  

Meanwhile, Standard Chartered boss Peter Sands will be feeling the heat today as problems in its Asian business hit its profits. UBS is counting the costs of scandals, like foreign exchange rate rigging.

Video: The latest business news

Elsewhere, Apple is facing criticism after its annual report revealed it paid a tax rate of just 6.4% on international profits of $33.6 billion outside America in the year to September.  

However, there was some good news for the City as BP raised its dividend, despite the falling price of oil and the weak Russian rouble.

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