The biggest US banks’ capital requirements will be cut by 4.8 per cent under proposals by regulators in one of the most aggressive moves to loosen restrictions imposed on Wall Street lenders after the 2008 financial crisis.
The move has been broadly welcomed by the banking industry, with analysts predicting it will lead to an increase in share buy-backs, more lending and greater consolidation in the sector.
On Thursday, the US Federal Reserve presented plans to adopt the Basel III rules agreed by global regulators, reform the rules on how banks assess risk and change a key capital buffer imposed on the biggest banks. It said that, together, the measures would cut capital requirements for the biggest US banks by 2.4 per cent.
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