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Largest U.S. banks face $120 billion shortfall under new rule

A BNY Mellon sign is seen on their headquarters in New York's financial district, January 19, 2011.

Six of the eight globally systemically important U.S. banks need to raise an additional $120 billion to comply with a regulatory requirement proposed Friday by the Federal Reserve.

The requirements are aimed at ensuring the banks, which include Bank of America Corp. (BAC.N), Bank of New York Mellon Corp. (BK.N), Citigroup Inc. (C.N), Goldman Sachs Group Inc. (GS.N), JPMorgan Chase & Co. (JPM.N), Morgan Stanley (MS.N), State Street Corp. (STT.N) and Wells Fargo & Co. (WFC.N) are able to recapitalize without disrupting markets or requiring a government bailout.

The...


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