This seems relevant:

The five macro forces driving bank equity flows
1. Quantitative Easing (QE) initially feels good as low interest rates reduce loan losses
and is expected to stimulate loan growth. After a while, however, ultra-low rates
destroy the profitability of deposit gathering business (eg, look at China now) and
excess liquidity has too flow into some type of lending and it destroys trade financespreads (eg, look at STAN and ANZ). As a lot of Asia enters this bad QE phase the
US is exiting with higher US interest rates to restore banks deposit businesses.
That’s good news for US banks.
2. Tighter global bank regulation and the imposition of mechanical liquidity constraints
slows credit growth. It becomes hard to grow loans faster than high-quality deposit.
Further the looming imposition of the Net Stable Funding Ratio reduces the ability
of banks to mismatch duration of loan assets and funding liabilities. Finally bank
regulatory capital intensity rises. That’s feels very bad for Australia whereas
countries like India and the Philippines still have structurally strong deposit and
high system credit growth.
3. Low system credit growth forces banks to pull cost lever through
outsourcing/offshoring/digitisation/robotics/branch rationalisation. That’s likely
good for high labour cost countries like Australia but ironically cost out initiatives
require investment.
4. Rising bank regulatory capital intensity is bad for bank dividends, particularly in
Australia where regulatory capital arbitrage activity has been high. The opposite
holds true in the US where banks are already re-capitalised and capital generation
will surge given restored deposit businesses, the eventual end of the
litigation/penalty cycle and cost restructuring. In short global PMs should beswitching from still expensive Australian banks to high quality US banks. For
example switch from CBA to Wells Fargo, WBC to JPM etc etc.
5. Currency and interest rates will drive a reversal of global bank equity flows. The
end of the artificial QE drag on the USD is profound as USD investor benchmarks
created significant carry trades for investors.

cut from todays http://ftalphaville.ft.com/marketslive/2015-09-29/