Although many final rules mandated by the Dodd-Frank Act are still not in place two years after its passage, Standard & Poor’s has nevertheless taken a crack at estimating what those reforms will cost the nation’s largest banks.
In a new report, “Two Years On, Reassessing the Cost of Dodd-Frank for the Largest U.S. Banks,” Standard & Poor’s Ratings Services has updated its previous estimate of what new regulations might cost Bank of America, Citigroup, Goldman Sachs, JPMorgan Chase, Morgan Stanley, PNC Financial Services, U.S. Bancorp, and Wells Fargo. It says these “large, complex” institutions “will bear the brunt of the financial impact.”
