Lloyd Blankfein, the Goldman Sachs chief executive, has warned that banks could relocate some of their operations out of Europe if regulation becomes too onerous. Speaking in Brussels, Mr Blankfein said that "mismatched regulation" could force banks to look for more welcoming homes for their international businesses. "Operations can be moved globally and capital can be accessed globally," Mr Blankfein told a banking conference. "It's not arbitrage to thwart [regulation]. It's about a need to compete with rivals."