FRANKFURT (Dow Jones)–Germany’s BdB banking association Friday slammed U.S. President Barack Obama’s proposals to limit U.S. banking activities, saying they could hamper the performance of banks and the economy.
Those plans “won’t improve the stability of the financial system,” said the association, which represents German commercial banks such as Deutsche Bank AG (DB), Commerzbank AG (CBK.XE) and Deutsche Postbank AG (DPB.XE).
“Those plans threaten predominantly the capability of the U.S. as a financial center and eventually (would) hurt the entire global financial system. This would have negative consequences, notably for economic growth,” said the association’s managing director, Manfred Weber.
Full story: UPDATE: German BdB Banks Association Slams Obama Proposals – WSJ.com