British lawmaker Ed Miliband said the next Labour Party government would break up the nation's banks if the financial firms don't do a better job separating retail and investment banking operations. Meanwhile, a bishop in the Church of England is asking existential questions about the future of British banking. "It's about why the banking industry is here," he said, according to The Journal.Apollo Global Management, Harbinger Capital and Guggenheim Partners are among the bidders for the life insurance unit of Aviva, Britain's second-largest insurer, according to Bloomberg.

As the Securities and Exchange Commission gears up for a meeting to discuss risks posed by high-frequency trading, Reuters points out that the Federal Reserve Bank of Chicago warned regulators about the same danger in a letter to the SEC two years ago.

Greece's 2013 budget projects a sixth consecutive year of recession. Manufacturing across the euro zone had its worst quarter in three years.

The Financial Accounting Standards Board is getting ready to do away with DVA.

If President Barack Obama wins reelection, he'd likely replace Treasury Secretary Tim Geithner quickly, The Journal reports. Mr. Geithner had said he plans to leave the post, but will stay on until a replacement is found.

Citigroup CEO Vikram Pandit lowered the asking price on his Greenwich, Conn. home, according to The New York Post. Mr. Pandit bought the two-story colonial for $4.1 million in 2001. He listed the house for $4.3 million in April, but has since lowered his ask to $3.9 million.