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How are financial services changing in a world of ultra-low interest rates, rising competition and continued regulatory pressures? Richard Portes, Professor of Economics and Academic Director of the AQR Asset Management Institute at London Business School, hosts a three-part series exploring the future of banking and investing. In this episode, Richard speaks to Jean Pierre Mustier, the Group Chief Executive Officer of UniCredit, the largest Italian bank by assets, one of the largest banks in Europe by market share and Europe’s second largest lender to SMEs. In a wide-ranging conversation, they discuss: • Overbanking and consolidation in the European banking sector [01:12] • Whether, and why, a European Banking Union is needed [05:56] • The sources of weakness for European banks: low profitability, regulation (such as Basel IV), capital requirements for systemically important financial institutions (SIFI), competition from GAFA (Google, Amazon, Facebook, Apple)? [10:52] • The link between non-bank financial intermediation, also known as shadow banking, and systemic risk [19:04] • The real impact of macroprudential regulation, particularly the countercyclical capital buffer (CCyB) [23:25] • How to avoid the ‘diabolic loop’ between sovereign and bank credit risk [28:42] Discover more articles, podcasts and films exploring what’s happening inside the global economy at www.london.edu/globalminds or follow #GlobalMinds on social media. Follow us on social media: twitter.com/LBS www.linkedin.com/school/london-business-school/ www.facebook.com/LondonBusinessSchool/

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