In May, the banking regulator said large U.S. lenders would bear most of the costs to replenish the fund.
Here is what banks have disclosed so far:
Expected
Bank Estimated costs timeline to recognize
costs
Wells Up to $1.8 bln Will expense the entire
Fargo pre-tax amount upon FDIC’s
finalization of the
proposal.
Bank of Non-interest Cost would be recognized
America expense of upon finalization of the
nearly $1.9 bln proposal.
Goldman About $400 mln Expense would be
Sachs pre-tax recognized entirely in
Group the quarter in which the
rule is adopted.
PNC Nearly $468 mln Would be incurred in the
Financial pre-tax, or $370 quarter the FDIC
Services mln after-tax finalizes the proposal.
Group
JPMorgan (NYSE:JPM) About $3 bln Would be recognized in
Chase pre-tax the quarter in which the
proposal is finalized,
which is expected in the
second half of 2023.
Morgan About $270 mln Will recognize after the
Stanley final rule is published.
Truist About $460 mln Would be recognized at
Financial the time the proposal is
finalized and paid in
eight quarterly
installments beginning
in the first quarter of
2024.
Up May incur a
Citigroup (NYSE:C) to $1.5 billion significant increase in
pre-tax operating expenses if
the final rule for the
FDIC special assessment
is enacted as proposed,
which is expected before
2023 end.
Source: Bank quarterly filings
Source: Economy - investing.com
