The Independent Commission on Banking (ICB), which was set up three months ago to assess the power of Britain's banks and how to boost competition, has issued its first report.
In the report the ICB sates that it will look at separating banks' retail and investment divisions, will look at imposing limits on proprietary trading and investing and look at reforming market infrastructure.
The FT reports that the British Bankers Association (BBA) welcomed the report, always a sure sign of discomfort.
Despite this "experts" predict that enforced break ups would be unlikely, as "niche" banks are viewed as being less resilient during times of crisis.
The ICB has until the end of 2011 to issue its final report.
The bottom line is that those who expect a major shake up of the banking industry are going to have to wait sometime, and may well be disappointed with the final outcome.