“The biggest foreign banks in the US are bracing for new regulatory rules that will govern their structure and demand tougher capital requirements, in a move aimed at helping them withstand a future crisis.
“The Federal Reserve on Tuesday is set to finalise the rules which will hit Barclays, Deutsche Bank, Credit Suisse, UBS and others, subjecting them to stress tests, and capital and liquidity ratios that are based on US standards.
“An intense campaign by bank lobbyists appears to have fallen on deaf ears. The Global Financial Markets Association sent a letter to the Fed, seen by the Financial Times, arguing that the new rules would “exacerbate, rather than mitigate, these financial stability risks and harm the global economy”.
Read full Financial Times article here