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Banks see immediate impact on trade, regulation from Trump

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Trade flows to be disrupted, StanChart CEO says

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Regulation has been "stifling", BNY CEO says

(Recasts, adds comments from JPMorgan ( JPM ) executive)

By Lawrence White and Sinead Cruise

LONDON, Jan 21 (Reuters) -

Bankers at JPMorgan ( JPM ) worked through the night in a

"war room" to try and assess the early impact of

U.S. President Donald Trump's administration on global

trade, regulation

and other matters, an executive at the bank said on

Tuesday.

"The last 24 hours are showing that there's going to be

a lot of changes that we all have to digest," JPMorgan Chase &

Co ( JPM ) head of asset and wealth management Mary Callahan

Erdoes told a panel discussion at the World Economic Forum in

Davos, Switzerland.

Trump said on Monday he will revoke nearly 80 executive

actions of the administration of former Democratic President Joe

Biden, with the Republican U.S. president adding he will also

implement an immediate freeze on new regulations and hiring.

"At JPMorgan ( JPM ) we have a war room set up to analyse and

evaluate each and every one of these, so they have been up all

night and are working on it."

"Time will tell but a lot of this is exactly what you

would do to have a very pro-business environment," Erdoes said,

reflecting on Trump's early executive order to ban remote

working for federal staff.

"Thank God the U.S. government has done it, and

hopefully that'll keep us ahead of other governments in the

world so we can continue to compete."

Global trade flows will suffer from "interesting ructions"

as the new administration of U.S. President Donald Trump settles

in, Standard Chartered ( SCBFF ) CEO Bill Winters told the Davos

meeting.

"We'll see what comes through in terms of tariffs...but we

know China is a big part of that in terms of having a gigantic

export surplus, and that will be under attack from all parts of

the world," Winters said.

Chinese officials are hopeful the country can avoid a repeat

of the bruising trade wars that drove a wedge between the

world's two economic superpowers during the last Trump

administration, despite the returning President's robust

comments on potential tariffs during his campaign.

Big globally-focused banks will be able to benefit from that

disruption in their roles connecting between markets, Winters

said, while locally-focused banks may struggle.

REGULATION HAS BEEN STIFLING

As well as disruption from the change in administration in

the United States, banks face a slew of fresh regulation even as

governments around the world try to prioritise growth.

"Look, regulation has been stifling," BNY CEO Robin Vince

said. "It's really against the whole purpose that governments

around the world have in trying to enable growth for their

countries."

The Bank of England said on Friday it would delay tougher

bank capital rules by a year to January 2027 to get clarity on

what the United States will do under Trump, prompting the

European Union to say it would also weigh its options.

The standards written by the global Basel Committee are the

final set of international reforms designed to make the banking

system safer after the 2008 global financial crisis, and are

meant to be implemented by member jurisdictions.

"This is a good time to take a step back and think about

what works in regulation and what doesn't," Winters said,

flagging his skepticism about where so-called 'end-game' Basel

3.1 bank capital regulation would land, given an array of delays

and revisions announced in several major markets.