Barclays CEO Says New US Tax Coverage Is A 'very Massive Deal' For His Firm

“What does this imply for Europe? What does it imply for the U.Okay.?,” he posited. “The tax coverage will change the dialogue about how nations are coordinating globally each when it comes to how you can take care of enterprise as a perform of regulation and tax.”

Staley famous the U.S. tax reform package deal, which was handed in late December and cuts company taxes from 35 % to 21 %, represented a “dramatic break” from the regulatory regime imposed following the 2008 monetary disaster. Requested if he believed the U.Okay. authorities was failing the monetary sector, the banker was optimistic.

“The extent of engagement we have had since The Brexit vote has been very excessive … I imagine Barclays and our view has been heard by the British authorities,” he mentioned.

“A protracted approach to go, however I do not assume the British authorities has been blind to the significance of London and the significance of a financial institution like Barclays.”

Trying ahead for the U.Okay., Staley emphasised the significance of regulatory uniformity after Brexit.

“I feel the U.Okay. ought to negotiate a regulatory regime which is roughly equal to Europe to maintain us getting access to that single market,” Staley mentioned. “Now that america has mainly mentioned we’ll take a unique regulatory tact, sustaining the regulatory flexibility within the U.Okay. to maintain London aggressive with New York is one other dimension to this debate.”

The American banker took over as Barclays chief government in 2015 on a pledge to rebuild the financial institution’s scandal-ridden repute, changing into its fifth CEO in seven years. Previous to that he spent 34 years at J.P. Morgan, ultimately changing into CEO.

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