Sir John Volckers, head of the U.K.’s Commission on Banking, warned large U.K. banks that they could be forced to break up in an overhaul of the banking sector. Volckers is expected to outline in a speech Saturday how he plans to deal with institutions considered too big to fail, including subsidiarization of its parts. Experts say subsidiarization could be just as bad as a full-scale breakup, which they say the government-appointed commission is unlikely to recommend, as it would increase overhead costs for the likes of Barclays and UBS.

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