European Union

The European Union drew a rebuke from the U.S. for including Puerto Rico, the U.S. Virgin Islands and other overseas territories on a blacklist of 23 jurisdictions posing higher risks of money laundering and terrorist financing.

It's not just big banks. Even U.S. community banks may be subject to the General Data Protection Regulation given the boundlessness of digital commerce.

Banks may need to find $30 billion to $50 billion of additional capital to support new European units in the aftermath of a hard Brexit, and some smaller firms may abandon their operations on the continent altogether as profitability plunges, according to Oliver Wyman Inc.

JPMorgan Chase CEO Jamie Dimon said European Union officials could force London-based firms to move substantially more employees abroad than planned if they demand additional banking operations be performed inside the bloc.

Andreas Dombret, the head of banking supervision for the German central bank, discusses how cooperation remains vital despite retrenchment in the U.S. and Europe, how blockchain changes banking, and the difference between the German and U.S. banking systems.