SWIFT plans to cut prices on financial messages by between 30 per cent and 45 per cent by 2020. The industry co-operative outlined the price targets at its Sibos conference in Singapore yesterday. SWIFT said it had lowered prices by 57 per cent over the five years to 2015, beating a target of a 50 per cent cut. Barclays chairman John McFarlane has said European investment banks should consider merging to create a regional champion to compete with US rivals, The Financial Times reports. The paper also reports that the chief executive of Societe Generale, Frederic Oudea, is worried that regulatory changes will "limit the extent to which European banks can operate in capital markets." The comments of the two senior banks reflect wider concerns in the European banking industry about its prospects.