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Speaking at the British Bankers’ Association’s conference last week, Ludovic de Montille, UK chairman of French bank BNP Paribas, said: ‘The future is not in reducing regulation or going back to a light touch.

That proved to be a disaster.’Rob Rooney, chief executive of Morgan Stanley International, echoed the BNP boss’s fears.

He said: ‘We are all pushing for global consistency around regulation.

The UK stepping out of line would be highly unlikely and inadvisable.’The comments came amid confusion about how global banks in London will be able to continue trading with European clients after Brexit.

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Her name Larisa Gladchenko, e-mail address of [email protected]

Some are warning that they face a ‘cliff-edge’ plunge in revenues.