Frederic Oudea, CEO of SG has been quoted as saying regulators need to "take a breather" so that European banks can catch up to US rivals. New regulations, fragmentation and stagnation of the European banking sector risked it being sidelined.
A direct quote from his Linkedin page is found here: Firstly, a regulatory framework that is in many respects penalizing large banks in terms of capital, supervision, and reporting requirements, etc.... secondly, heightened competition, notably from US banks... that enjoy.... powerful mechanisms for market financing and securitisation.... and finally a legal arsenal that makes it complicated and restrictive for foreign banks to operate in the US than was the case in the past. Essentially, Mr Oudea is calling a timeout on the breathtaking set of regulatory changes so that European champions, of which SG is one, can get its house in order to compete globally.His full quote can be found here: https://www.linkedin.com/pulse/european-banks-risk-being-sidelined-fr%C3%A9d%C3%A9ric-oud%C3%A9a?trk=prof-post
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