JP Morgan, HSBC top global banks capital surcharge list

JP Morgan, HSBC top global banks capital surcharge list
The Financial Stability Board (FSB) has said that JP Morgan and HSBC topped the list of the world's top 29 banks that must hold extra capital from 2016 because of their size and reach, reported Reuters.

As per the media reports, the two banks are in the top "bucket" and will have to hold an extra 2.5 per cent of risk-weighted core capital on top of the 7 per cent minimum all banks across the world must hold by 2019 under the Basel III accord.

Barclays, BNP Paribas, Citigroup and Deutsche Bank have been placed into the 2 per cent surcharge bucket -- the latter two dropping from the 2.5 per cent band last year.

Bank of America, Credit Suisse, Goldman Sachs, Credit Agricole, Mitsubishi UFJ, Morgan Stanley and Royal Bank of Scotland and UBS face a 1.5 per cent surcharge.

The following banks were listed under the 1 per cent surcharge "bucket": Bank of China, Bank of New York Mellon, BBVA, Groupe BPCE, Industry and Commercial Bank of China, ING, Mizuho, Nordea, Santander, Societe Generale, Standard Chartered, State Street, Sumitomo Mitsui, Unicredit and Wells Fargo, reported Reuters

Dion Global Solutions Ltd.

Story first published: Tuesday, November 12, 2013, 9:11 [IST]
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