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EU regulators want big banks to divide their business

By Quartz Staff in Brussels


A link from Der Spiegel

The European Commission endorsed bright lines between consumer banking and riskier investment and trading businesses. The plan stops short of breaking up affected banks like Barclays, Deutsche Bank and BNP Paribas, instead requiring them to create operational and legal barriers between different practices. The timeline for implementing new rules remains unclear, since they await a new pan-EU regulator to enforce them.