European union angers the us as it tries to control american banks

Express

European union angers the us as it tries to control american banks"


Play all audios:

Loading...

Wall Street financial giants warned they will not be able to tie up more cash in their operations within the European Union (EU), as proposed by the European Commission (EC). The rules hand


the EU more oversight of foreign firms and are set to cost the likes of Goldman Sachs, Morgan Stanley and JPMorgan, as the banks would need to stump up fresh funds to keep within the bloc.


Similar rules were recently implemented by the US and critics say the EU's reaction is an aggressive reaction. Now American banks say Europe's legislation is at odds with US


requirements. EU WATCHDOG DEMANDS CLARIFICATION OVER BARROSO’S GOLDMAN SACHS JOB A senior executive at a large US bank told the Financial Times: "US rules require the separation of the


corporate [broker-dealer] chain and the bank chain. “The key thing in the EU rules is… the wording in it is that there’s a single intermediate holding company, that’s pretty problematic.” A


separate source at a different US bank said: “Clearly we will argue that it creates conflicts with US legislation and is unnecessary.” European banks are thought to be in favour of the plans


because they hinder their American rivals. RELATED ARTICLES European Commission Vice President Valdis Dombrovskis recently told CNBC: "Europe needs a strong and diverse banking sector


to finance the economy. "We need bank lending for companies to invest, remain competitive and sell into bigger markets and for households to plan ahead. "We have put forward new


risk reduction proposals that build on the agreed global standards while taking into account the specificities of the European banking sector."


Trending News

Meme-makers work overtime as Tamil Nadu thermacol experiment becomes a nationwide joke

Tamil Nadu Co-operatives Minister Sellur Raja has been the subject of criticism and ridicule, following his disastrous e...

Srinivas Kuchibhotla murder: Accused US Navy veteran pleads not guilty

A former US Navy veteran charged with killing an Indian engineer and injuring two others in a racially motivated hate cr...

5af28babf2_20272961-1897105610316941-1524481980-o-725×408

5af28babf2_20272961-1897105610316941-1524481980-o-725×408 | Infoprovincia ------------------------- Usamos cookies para ...

Infrastructure bill: the community electricity right

Impact assessment INFRASTRUCTURE BILL: THE COMMUNITY ELECTRICITY RIGHT The Community Electricity Right is a backstop pow...

4 neighborhood service areas proposed in valley

A group of City Council members proposed Friday that the San Fernando Valley be divided into four neighborhood service a...

Latests News

European union angers the us as it tries to control american banks

Wall Street financial giants warned they will not be able to tie up more cash in their operations within the European Un...

Early treatment of skeletal open-bite malocclusion

ABSTRACT DATA SOURCES Studies were identified by searching the Cochrane Controlled Clinical Trials Register and Medline....

The Charter Puzzle

Share article Remove Save to favorites Save to favorites Print Email Facebook LinkedIn Twitter Copy URL Rather than serv...

Foreseeable injuries fall under landlord liability

Hamida Madhani and her mother, Dishad Bana, have been apartment tenants of landlords Glenn and Sheryl Cooper for about s...

When plague invaded - Los Angeles Times

The Barbary Plague The Black Death in Victorian San Francisco Marilyn Chase Random House: 304 pp., $25.95 * It, too, cam...

Top