Bosses of Citi, JPMorgan and Barclays slam equivalence as “insufficiently load-bearing” for post-Brexit financial services trade

Banking bosses have stressed that the government must push for a vastly improved equivalence regime, warning that the current system is “insufficiently load-bearing”.

Speaking before MPs of the Treasury Select Committee this morning, executives from Barclays, Citigroup and JPMorgan said they were already implementing their no deal contingency planning to ensure they were able to trade from day one in a worst-case scenario.

But while they were hopeful that this would not ultimately be required, there were question-marks over the government’s decision to pursue an “expanded equivalence” regime, rather than the City’s preferred route of mutual recognition.

Read more here.