U.S. Stock Market News | Federal Reserve Plans to Revise Capital Reform Proposal, Banking Stocks Decline Collectively, JPMorgan Chase Falls More Than 6%
On Tuesday, US bank stocks fell, as of the time of writing, JPMorgan Chase fell over 6%, Citigroup fell over 3%, Barclays fell over 2.7%, Bank of New York Mellon fell 1.8%, HSBC fell over 2%, UBS fell nearly 2%, and Bank of America fell over 1.7%. On the news front, Randal Quarles, the vice chairman of the Federal Reserve responsible for supervision, stated that US regulatory agencies will make significant revisions to their bank capital rules proposal, cutting the expected impact on the largest banks in half and exempting most measures for smaller banks. The regulatory agencies had originally planned to increase the capital of the eight largest US banks by 19%, but this revision will reduce it by about half. Lending institutions including Citigroup, Bank of America, and JPMorgan Chase will now face a requirement to increase capital by 9% to cushion against financial shocks
According to the Wise Finance APP, on Tuesday, US bank stocks fell. As of the time of publication, JPMorgan Chase (JPM.US) fell by over 6%, Citigroup (C.US) fell by over 3%, Barclays (BCS.US) fell by over 2.7%, Bank of New York Mellon (BK.US) fell by 1.8%, HSBC Holdings (HSBC.US) fell by over 2%, UBS (UBS.US) fell by nearly 2%, and Bank of America (BAC.US) fell by over 1.7%. On the news front, Randal Quarles, the vice chairman of the Federal Reserve responsible for supervision, stated that US regulatory agencies will make significant revisions to their bank capital rules, cutting the expected impact on the largest banks in half and exempting most measures for smaller banks. The regulatory agencies had originally planned to increase the capital of the eight largest US banks by 19%, but this revision will reduce it by about half. Lending institutions including Citigroup, Bank of America, and JPMorgan Chase will now face a requirement to increase capital by 9% to cushion financial shocks