British & U.S. Banks on Brexit

The transcript discusses the complex relationship between US and UK banks in the context of Brexit. US banks are eager to maintain connections with Europe, while UK banks face challenges due to potential EU regulations. The discussion highlights the strategic decisions banks must make regarding their locations and compliance with EU rules. Theresa May's Brexit strategy is compared to the Norway agreement, where the UK might comply with EU rules without having a say in them, a situation UK banks want to avoid.

Why do US banks want to maintain connections with Europe?

• To avoid European oversight

• To have a say in European regulations

• To strengthen their global presence

• To comply with UK banking rules

What is a major concern for the UK regarding US banks?

• US banks relocating to the US

• US banks not following UK regulations

• US banks having too much influence in the UK

• US banks easily relocating to European cities

What challenge do London-based banks face compared to US banks?

• Lack of access to European markets

• Difficulty in relocating to other European cities

• Higher operational costs in Europe

• Inability to comply with US regulations

What is the 'Norway agreement' in the context of UK banks?

• A pact to relocate to Norway

• A deal to follow EU rules without input

• An agreement to have a say in EU rules

• A strategy to avoid EU regulations

How do US banks plan to handle changes in European regulations?

• By lobbying for changes

• By merging with European banks

• By adapting to whatever comes

• By relocating to the US