Unless Europe adopts standardised regulations, banks will suffer

Ithurts the industry.. costs of meeting differing regulations are too high.” Addressing the shareholders at the annual general meeting last quarter, John Bond, HSBC’s chairman, summed it up well, “Sensible regulation is fine; not all regulation is sensible.” HSBC had to spend $400 million (3% of its pre-tax profits) on servicing regulatory requirements last year.

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Source:- IIPM Editorial, 2006