BANKS are pleading with European politicians to change regulation they say will put them at at a disadvantage against American competitors.
New rules from worldwide banking watchdog the Basel Committee mean financial firms will have to hold more capital.
Yet banks in Europe say the changes will see their business crushed, while US firms take the lead, according to news site Politico.
Even though American firms also have to adhere to the rules, they have a larger influence on the committee, say European firms.
It comes as US banks already account for 57 per cent of all investment banking revenues in Europe, according to research firm Coalition.
This means that firms such as Goldman Sachs, JP Morgan, and Citigroup cashed in billions more than their EU rivals on their home turf.
Now banks are pulling out the stops to get their politicians to support the cause.
US firms have denied their regulations or regulators are more lenient.
They also argue that they contribute to the European economy as much as their rivals.
One executive at a US bank said to Politico: "What's the difference?
"We are based in Europe, we employ people here, and we help European companies. Who cares where we are from? "