FDIC to hit biggest US banks with $16 billion bill for SVB clean-up

Source: Financial Times

“The biggest US banks will be hit with nearly $16bn in extra fees over two years under a Federal Deposit Insurance Corporation plan to recover its losses associated with rescuing Silicon Valley Bank and Signature Bank in March. The FDIC on Thursday proposed that roughly 113 banks would be subject to a so-called ‘special assessment.’ Larger lenders whose assets total at least $50bn would pay more than 95 per cent of the total cost. The figure includes both behemoths such as JPMorgan Chase and Bank of America as well as the regional lenders that have been at the heart of the US’s recent banking turmoil. The proposal spares the vast majority of the US’s 4,500 FDIC-insured bank …” (05/11/23)