Here's your summary from Europe Faces 'Unfair Competition' With US Regardless of Trump: France's SocGen (https://www.youtube.com/watch?v=T-lO3aCQTGg) on the Bloomberg Television channel:

**TLDR:** Europe faces unfair competition with the US due to unclear regulations and lack of endgame in Europe, while the US has a more decided endgame.

1. Uncertainty surrounding Basel IV regulations in Europe compared to more clarity in the US.

2. European banks are at a disadvantage due to additional regulations like the climate agenda and model revisions.

3. Lack of a clear endgame in Europe creates unfair competition with US banks.

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