Several major U.S. banks, including JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America, are reportedly planning to boost their reserves by setting aside approximately $100 million each, following their contributions to First Republic Bank’s $30 billion deposit aid last month. The move is driven by accounting regulations mandating the setting aside of provisions for potential losses across various assets. According to Bloomberg, people familiar with the matter revealed this on Tuesday.
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Bloomberg: US Banks Urged to Increase Reserves After First Republic's Move
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Several major U.S. banks, including JPMorgan Chase, Wells Fargo, Citigroup, and Bank of America, are reportedly planning to boost their reserves by setting aside approximately $100 million each, following their contributions to First Republic Bank’s $30 billion deposit aid last month.
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Susan Jane
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Reuters
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