Royal Bank of Canada chief executive Gord Nixon made waves in London Tuesday morning, giving what Dow Jones Newswires describes as a "sharp and sweeping criticism of the world's efforts at reforming the financial sector."
Mr. Nixon was giving a speech to the British Bankers' Association at its annual banking conference. One of his key messages: the cost of having to hold more capital will eventually trickle through to bank customers.
"The costs of regulatory reforms will increase the costs for consumers," he said.
Mr. Nixon also defended the proprietary trading business, and suggested that banks will be able to arbitrage the various banking regulations that individual countries are adopting.