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Finance Latest News: UK's New Watchdog Tells Banks to Raise Another $20.4 Billion

Wochit 1:00 mins

New banking regulators in Britain are looking to cut risk in the country's financial sector. New demands will require Britain's banks to raise 13 billion pounds - or nearly 20.5 billion dollars - of extra capital and meet a new cap on lending well ahead of international peers. Administrators say, more than 1,000 creditors of the European operations of failed U.S. investment bank Lehman Brothers will share a 3.5 billion pound - 5.5 billion- dollar payout.That brings the payout for one of the creditors at the heart of the 2008 financial crisis to 68.5 cents on the dollar. Financial markets shuddered after the Federal Reserve said it could start scaling back its huge bond-buying program later this year and end it by the middle of 2014.

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