José Viñals, the director of monetary and capital markets at the IMF, on Wednesday envisioned how the financial sector would look once global regulatory reforms are in place.

At an event in Goethe University in Frankfurt, Viñals said the financial system would become "smaller, less levered, and somewhat less dynamic" than in the recent past with a "less risky system" and "safer institutions". He added, that financial markets would also be "less profitable" and "employ less people" but that this