UK banks fall down world rankings

AOL Money Staff

Britain's banking sector now ranks tenth in the world behind countries including France, Brazil and Russia after seeing annual profits plunge by 41%, according to research.

The Banker's Top 1,000 World Banks revealed that UK lenders have slipped from second place in 2008 after the financial crisis has decimated earnings, with only one British bank - HSBC - now ranking in the top 10.