Bankers' summer bash is cancelled

An annual summer bash for bankers has been cancelled at the 11th hour, with members told it would be "wrong" to go ahead with a champagne-fuelled party.

Angela Knight, chief executive of the British Bankers' Association (BBA), said the industry needed to "think long and hard about its collective behaviour" as she called off the summer reception which was planned for tomorrow.

"We believe that in the current circumstances it would be wrong to proceed with the reception. I am sure you understand this is not the time for such an event to take place," read an email sent on behalf of Ms Knight yesterday.

Hours earlier Marcus Agius resigned as BBA chairman after stepping down as chairman of Barclays.