U.K. Seeks Greater Social Commitment From Banks

Nick Clegg, Britain’s second-ranking leader, is urging the country’s banks to more actively pursue investment in projects that help the poor, Bloomberg and the Financial Times reports.

Speaking Wednesday at an event to release a legislative report on providing help for disadvantaged children, the deputy prime minister called for “a new social contract between the financial-services industry and broader society.”

He said banks should pursue efforts to attract private cash for projects that can curb social problems while offering investors a return.