Trump's rise may save banks billions by disrupting global rules

London

THE election of Donald Trump as the next president of the United States may allow banks to dodge the full impact of global regulators' post-2008 crisis crackdown.

The Basel Committee on Banking Supervision is racing to complete a revamp of international capital standards by year-end. The US has pushed for strict rules to protect against future market meltdowns, whereas Europe and Japan want to rein in proposals that could hit banks with billions in costs.

Basel Committee members including the US Federal Reserve and the European Central Bank are under enormous in…