Basel Updates 2016 List of Global SIFIs

The Basel, Switzerland-based Financial Stability Board today updated its list of global systemically important banks subject to supplemental loss absorbency requirements. Among U.S. banks on the list, Citigroup, Bank of America and Wells Fargo moved into categories requiring more loss absorbency. No banks were added to or removed from the list.

G-SIB designations are made using criteria issued by the Basel Committee on Banking Supervision, which also today released documentation on the changes. G-SIBs on the list will be subject to requirements for their new categories effective Jan. 1, 2018.