Big bank executives warned a number of products and services could become uneconomical if new proposed bank capital hikes are adopted as written, but said they were hopeful they could win some changes.
While they have warned several times the rules could hurt lending and the broader economy, executives on Friday offered more details on which business lines could be affected. Barnum said JPMorgan, the country’s largest lender, would continue to “forcefully advocate” for changes to the draft, adding that there are probably “technical mistakes” that may be fixed.
The bank is reviewing products and operations, he said, highlighting equity investments, which will also be deemed much riskier under the rules. Similarly, Wells Fargo Chief Financial Officer Michael Santomassimo said the bank was reviewing its products, in particular potential adjustments to the collateral it would require from clients for securities finance transactions. Wells Fargo would also likely shrink tax equity investing in renewable energy projects.
Energy Energy Latest News, Energy Energy Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »
Source: SaltWire Network - 🏆 45. / 63 Read more »
Source: globeandmail - 🏆 5. / 92 Read more »