If the US and the UK do go ahead with Mr Obama's proposals and Europe does not, then European banks stand to gain an enormous competitive advantage, analysts say.
Proprietary trading will simply to move to European financial centres such as Geneva and Zurich, according to Mr Randolph.
And if UK banks in particular are broken up, they could be sitting ducks for continental rivals.
"European banks will simply gobble them up," says Mr Maughan.
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