BofA may already be above global capital standards-CFO
Nov 2 (Reuters) - Bank of America Corp could already be above capital requirements issued Thursday by global regulators, the bank's chief financial officer said.
The Financial Stability Board, a regulatory task force for the group of 20 top economies, on Thursday said the second-largest U.S. bank should hold common equity equal to 8.5 percent of its risk-weighted assets, less than the 9.5 percent of rivals Citigroup Inc and JPMorgan Chase & Co. 1/8ID: nL1E8M1FR1 3/8
At the end of the third quarter, Bank of America reported a Tier 1 common capital ratio of 8.97 percent under so-called Basel III rules that are to be phased in starting next year through January 2019. If the bank's models were approved, Bank of America would be in ``excess'' of the FSB's guidelines, CFO Bruce Thompson said Friday at an investor conference.
``What came out yesterday obviously makes our glide path to Basel III a little bit shorter than what a lot of people have expected,'' he said.