(Reuters) – U.S. banks have started to detail the expected impact to their costs from the “special assessment” fee they have to pay to replenish the Federal Deposit Insurance Corporation’s deposit insurance fund.
In May, the banking regulator said large U.S. lenders would bear most of the costs to replenish the fund.
Here is what banks have disclosed so far:
Expected
Bank Estimated costs timeline to recognize
costs
Wells Fargo Up to $1.8 bln Will expense the entire
pre-tax amount upon FDIC’s
finalization of the
proposal.
Bank of Non-interest Cost would be recognized
America expense of upon finalization of the
nearly $1.9 bln proposal.
Goldman About $400 mln Expense would be
Sachs Group pre-tax recognized entirely in
the quarter in which the
rule is adopted.
PNC Nearly $468 mln Would be incurred in the
Financial pre-tax, or $370 quarter the FDIC
Services mln after-tax finalizes the proposal.
Group
Source: Bank quarterly filings
(Compiled by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shounak Dasgupta)
