BlackRock’s Hildebrand Says EU Needs Regulation ‘Wake-Up Call’

Europe’s financial industry is in danger of falling behind if the bloc and national governments don’t come up with ways to make their regulatory environment more competitive, BlackRock Inc. Vice Chairman Philipp Hildebrand said.

European banks have been outpaced by their US peers since the financial crisis and one reason for that has been overly restrictive regulation, Hildebrand told Bloomberg Television’s Francine Lacqua at the World Economic Forum in Davos. That competitive disadvantage is set to worsen if the incoming Trump administration follows through with the deregulation it has advertised during its campaign, he said.

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