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JPMorgan Chase Financial institution is seen in New York Metropolis, U.S., March 21, 2023. REUTERS/Caitlin Ochs
NEW YORK, Aug 3 (Reuters) – JPMorgan Chase (JPM.N) expects to put aside about $3 billion to replenish the Federal Deposit Insurance coverage Company's (FDIC) fund as soon as proposed guidelines are finalized by the financial institution regulator, the corporate mentioned in a submitting on Thursday.
U.S. banking giants are anticipated to shoulder the majority of prices to refill the fund, which was drained of $16 billion this yr after three banks collapsed.
Wells Fargo(WFC.N) estimated it is going to face a pretax “particular evaluation” of as much as $1.8 billion, whereas Financial institution of America (BAC.N) mentioned it may face a pretax expense of about $1.9 billion as soon as the FDIC proposal is finalized, based on separate filings this week.
Underneath the proposed rule, the FDIC would apply a “particular evaluation” charge of 0.125% to uninsured deposits of lenders in extra of $5 billion, primarily based on the quantity of uninsured deposits a financial institution held on the finish of 2022.
Reporting by Nupur Anand in New York; Enhancing by Jonathan Oatis, Lananh Nguyen and Richard Chang
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