Global regulators ease capital burden on JP Morgan bank
- Microsoft (MSFT) Near Deal to Acquire Nuance (NUAN) - Report
- S&P 500, Dow climb for third day and close at records
- Tesla (TSLA) China Numbers 'Robust' - Wedbush
- Apple (AAPL) Shares Seen as 'Attractive' as Recent Checks Show Continuously Strong Demand - Citi
- Investors Poured More Money Into Stocks in Past 5 Months Than Last 12 Years, Says BofA, Analysts Worried About Stretched Valuations
FILE PHOTO: A sign of JP Morgan Chase Bank is seen in front of their headquarters tower in Manhattan, New York, U.S., November 13, 2017. REUTERS/Amr Alfiky
Get inside Wall Street with StreetInsider Premium. Claim your 1-week free trial here.
LONDON (Reuters) - JPMorgan (NYSE: JPM) is no longer the world's most systemically-important bank, according to rankings for additional capital requirements published by the Financial Stability Board on Wednesday.
After banks had to be rescued by taxpayers in the financial crisis over a decade ago, regulators have ranked the world's most important banks in a series of capital "buckets" according to their size, international reach and complexity.
JP Morgan had been alone in having to hold extra capital equivalent to 2.5% of its assets on a risk-weighted basis out of the 30 top banks listed by the FSB, which coordinates financial rules for the Group of 20 Economies (G20).
JPMorgan has joined Citigroup (NYSE: C) and HSBC
Goldman Sachs (NYSE: GS) and Wells Fargo have dropped from 1.5% to the lowest bucket at 1% applied to 19 of the 30 lenders.
China Construction Bank rises from 1% to 1.5%.
The new capital rankings come into effect in January 2022. Most lenders already hold capital buffers that are well above all of their regulatory requirements.
(Reporting by Huw Jones, editing by Nick Tattersall)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citigroup (C) call put ratio 4.3 calls to 1 put into quarter results
- Citigroup (C) Says it Knows of Another Bank Making Big Payment Error, Even Larger Than Its Revlon Mistake - Bloomberg
- Upstart Holdings (UPST) Prices 2M Share Offering at $120
Create E-mail Alert Related CategoriesReuters
Related EntitiesJPMorgan, Goldman Sachs, Citi, HSBC, Wells Fargo
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!