The banking industry has struggled to understand the business impact of the Volcker Rule, but clearly that impact will be significant for banking entities operating in and outside of the US. Even the regulators estimate that banks will have to spend nearly 6.6 million hours to implement the Volcker Rule, and 1.8 million hours annually to maintain compliance going forward.
Banks with businesses outside the US should be asking themselves:
PwC is helping banks to assess these issues and what the strategic and operational implications will be. Speak to Crispian, Laura or Munib to find out what the impact of the Volcker Rule will be for you.