British banks are losing ground to less constrained private credit groups and Wall Street rivals, two bosses have claimed to senior lawmakers.
Senior executives of HSBC and Barclays told the House of Lords financial services regulation committee on Tuesday that onerous capital rules were putting them at a disadvantage against the fast-growing private credit groups that are subject to much lighter requirements.
The comments by the bankers underscore how British lenders are intensifying their lobbying push in response to an aggressive cutting of US regulations, as well as a Bank of England review of UK capital requirements.
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