Wells Fargo is expected to pay 1.8 billion dollars to replenish the FDIC fund.

Last Thursday,Download the genuine app for mt4 mobile U.S. banking regulators announced a series of reforms for the banking sector including raising capital requirements for large banks, aimed at strengthening the financial system's resilience to risks. The regulatory authorities indicated that if these standards are fully implemented, the capital requirements for large banks will increase by 16% over current levels, with the largest and most complex banking institutions being significantly affected.

Against this backdrop, Wells Fargo stated in documents submitted to regulatory agencies that according to proposals from the Federal Deposit Insurance Corporation (FDIC), it would need to make a payment of about 18 billion dollars to the Federal Deposit Insurance Fund following the finalization of the new rules. In the first half of the year, the collapse of three financial institutions, including Silicon Valley Bank, resulted in a loss of about 16 billion dollars for the Federal Deposit Insurance Fund.

Wells Fargo mentioned that a separate proposal concerning U.S. capital rules might lead to a reevaluation of its balance sheet, with new guidelines altering its risk indicators for lending, trading, and internal operations. Based on a preliminary assessment of the proposed rules, the company expects a significant increase in its risk-weighted assets and a rise in net capital requirements. This marks the first public commentary by a major U.S. bank since the proposal was issued.

Furthermore, Wells Fargo indicated in its regulatory submission that the Securities and Exchange Commission and the Commodity Futures Trading Commission are investigating the retention of chat records by employees on unauthorized communication applications. Previously, after it was discovered that employees discussed transactions on personal devices and applications, U.S. regulators fined 16 financial firms a total of 1.8 billion dollars.

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