Dump LIBOR, Say Fed, BoE Officials

Reuters reported both the U.S. Federal Reserve and Bank of England urged global financial markets to increase their efforts to replace LIBOR with alternative interest rate benchmarks.

UK Banks Need to Step Up Pace of Asset Sales

The Wall Street Journal reported the Bank of England warned UK banks they must come up with $38 billion fresh capital, putting pressure on RBS and Lloyds to step up the pace of asset sales.