The Europeans seem to have the right idea…

Lloyds, Royal Bank of Scotland and Northern Rock will be broken up and parts of their businesses sold off to create three new banks, it emerged last night.

Government sources said ministers were “determined” to see more competition in the market, following the £1.2 trillion bailout of the sector which resulted in the loss of three independent banks and several building societies,

Anyone taken a look at Citigroup lately?

Read the full report from the Independent U.K.