City bosses to set up new bank - graduate jobs

Graduates looking for jobs in the banking sector may be interested to learn about plans by two City heavyweights to bid for state-owned banking assets to create a new player in the market.

Lord Levene, chairman of Lloyd's of London, and Sir David Walker, who headed a review into bank boardroom practices, are proposing to list an acquisition vehicle on the stock market in the near future.

It is thought the venture will target retail banking assets, including Northern Rock, parts of Lloyds Banking Group and RBS, which are being put up for sale in return for State bail-out money received during the financial crisis.

UK Financial Investments, which oversees Government-owned banking assets, and the City regulator have already been briefed on the proposals, with details expected to be announced within days.

The project aims to create a new banking player to rival the established groups.