Arab Today, arab today jpmorgan needs 22bn to meet fed capital buffer
Last Updated : GMT 23:57:56
Arab Today, arab today
Arab Today, arab today

JPMorgan needs $22bn to meet Fed capital buffer

Arab Today, arab today

Arab Today, arab today JPMorgan needs $22bn to meet Fed capital buffer

JPMorgan
Washington - AFP

JPMorgan Chase would need $22 billion more in capital by 2019 to meet new Federal Reserve capital rules, the Fed said Tuesday.
The Fed said that the eight big banks that will have to come up with a collective $21 billion to meet its proposed capital surcharge for systemically important institutions.
But in an open Fed board meeting vice chair Stanley Fischer said that only one bank actually had a shortfall: JPMorgan, and that it needs $22 billion in all.
While the Feds bank examiners said that "almost all" banks had enough funding to cover the new standards, Fischer clarified in the meeting that "One bank didn't... it's a big bank, it was $22 billion short, that's a pretty impressive shortfall."
He then said that "JPMorgan... is the firm that is actually going to have to come up with more capital," Fischer said.
JPMorgan, which was singled out in a Congressional report last month as having a particularly high and risky exposure to the physical commodity market, insisted it remained strong and able to address capital rules requirements.
"While we're still reviewing the Fed's proposal, we are well capitalized and intend to meet their requirements and timeframes while continuing to deliver strong returns for our shareholders," the bank said in a statement.

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