‘Too big to fail’ banks need $1.2T

New rules from global regulator The Financial Stability Board are calling on the world’s biggest banks to increase their loss-absorbing cash to roughly $1.2 trillion before the next financial crisis.

The G20 watchdog group announced Monday total loss absorbing capacity must be 16 percent of a bank’s assets by 2019, rising to 18 percent by 2022.

Banks affected by the new rules include Citigroup, Bank of America, Goldman Sachs, HSBC and Barclays.

According to CNNMoney, a credit analyst estimated JPMorgan Chase would need to raise $25 billion to meet the requirement, while Wells Fargo & Co. may need to raise as much as $30 billion.

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