Regulations implemented since the 2007-2009 financial crisis have only made the biggest U.S. banks bigger and hurt competition in the industry, Gary Cohn, the former director of the U.S. National Economic Council said on Monday at an event hosted by Reuters Breakingviews.
"We haven`t ended `too big to fail,`" Cohn said. "We made rules and regulations that made (the big banks) bigger. Congratulations."
Cohn, 58, who was the No. 2 executive at Goldman Sachs Group Inc
(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
04:30 AM IST