JPMorgan, Bank of America and 4 other Wall Street titans are set to pay $8.9 billion after this spring's banking fiasco
Wall Street's largest lenders are set to pay nearly $8.9 billion to refill the Federal Deposit Insurance Corporation coffers after this spring's banking fiasco.
JPMorgan tops the list as the biggest contributor, expected to pay $3 billion toward the US government's deposit insurance fund,Bank of America and Wells Fargo are set to pay nearly $2 billion, while Citi Group, Goldman Sachs, and Morgan Stanley are set to hand out $1.5 billion, 400 million, and 270 million, respectively. The fund has dealt with a massive blow this year after a string of bank failures.
The rate hikes were bad news for small and midsize US lenders given they triggered steep losses on their bond portfolios. said there could be more banking turmoil to come if the Fed continues to hike interest rates."If rates go up from here, and they might, it could rear its ugly head again," he said in a recent interview with The Economist.
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JPMorgan, BofA set to pay nearly $8.9 billion after banking chaosJPMorgan, Bank of America and 4 other Wall Street titans are set to pay $8.9 billion after this spring's banking fiasco
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