Banks Cheer as Trump’s Regulatory Rollback Spreads to Europe
(Bloomberg) — Slawomir Krupa, chief executive officer of France’s Societe Generale SA, keeps a magnet on his desk. “Stop Basel Endgame!” it proclaims, reminding him daily of the most effective bank lobbying campaign in history.
Frustratingly for Krupa — also president of the European Banking Federation — it was won across the pond.
US rivals were rewarded for their billboards and TV ads with an abrupt reversal of a threatened 16% increase in capital requirements, measures that some estimated would carry a $160 billion cost.
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