A U.K. government banking commission is poised to outline issues for consideration, prompting HSBC and Barclays to argue against breaking up major banks. The commission, led by John Vickers, has been tasked with considering whether the universal banking model should be altered. "Universal banking works," said HSBC CEO Michael Geoghegan. Barclays CEO John Varley also defended investment banking and said it helps the real economy.

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