“What does that will mean for Europe? What does the item mean for the U.K.?,” he posited. “The tax policy will change the dialogue about how countries are coordinating globally both in terms of how to deal with business as a function of regulation as well as tax.”
Staley noted the U.S. tax reform package, which was passed in late December as well as cuts corporate taxes via 35 percent to 21 percent, represented a “dramatic break” via the regulatory regime imposed following the 2008 financial crisis. Asked if he believed the U.K. government was failing the financial sector, the banker was positive.
“The level of engagement we’ve had since The Brexit vote has been very high … I believe Barclays as well as our view has been heard by the British government,” he said.
“A long way to go, although I don’t think the British government has been blind to the importance of London as well as the importance of a bank like Barclays.”
Looking forward for the U.K., Staley emphasized the importance of regulatory uniformity after Brexit.
“I think the U.K. should negotiate a regulatory regime which is usually roughly equivalent to Europe to keep us having access to that will single market,” Staley said. “right now that will the United States has basically said we’re going to take a different regulatory tact, maintaining the regulatory flexibility inside U.K. to keep London competitive with brand-new York is usually another dimension to that will debate.”
The American banker took over as Barclays chief executive in 2015 on a pledge to rebuild the bank’s scandal-ridden reputation, becoming its fifth CEO in seven years. Prior to that will he spent 34 years at J.P. Morgan, eventually becoming CEO.