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Bank regulations could force Barclays move to NY
Business digest: UBS report recommends shifting city, New York mayor says move would be ‘great’
Barclays may be considering leaving the UK following a recommendation from UBS that the bank may have no option if new stringent banking regulations are brought in.
The report said that "rewards to shareholders look increasingly determined by local regulators", and that if such rewards are hindered, "Barclays has little option but to consider shifting domicile".
Michael Bloomberg, New York's mayor, said: "I hope they move here. Every day, every city in this country and in this world is trying to get those businesses."
The news came as Bob Diamond, the chief executive of Barclays, spoke of the need for banks to have "living wills" to enable an orderly wind-down should the need arise.
Read a full report at the Daily Telegraph. ·
