Yet when a bank is winding down its business, it finds it harder to attract and retain people with the right skills.

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Authorities in Cyprus are in the process of winding up the Laiki Bank.

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There is also no clear mechanism for winding down a failing investment bank.

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They would also like to see a joint bank deposit guarantee scheme and a fund for winding down banks.

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Banks including Bank of America, Goldman Sachs, Morgan Stanley and others began winding down their prop trading desks early on before the much of the rule was finalized.

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Its chairman, Sir Philip Hampton, said the bank might be ready to return to the private sector in 2014, following a huge restructuring programme that includes winding down the investment banking operation.

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