HSBC Leads Charge as Banks Push UK to Soften Ring-Fencing Rules
The biggest UK lenders are pushing regulators to allow them each to use as much as £35 billion of their retail deposits to fund their investment banking activities, a move they say would put them on more level footing with the likes of JPMorgan Chase & Co. and Goldman Sachs Group Inc.
The charge is being led by HSBC Holdings Plc, according to people familiar with the matter. The proposal is being presented as a potential compromise in the ongoing row over the UK's ring-fencing regime, which since 2013 has forced the separation of the largest banks' UK retail businesses from the rest of their operations, the people said.
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