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Nov 21, 2017

Too big to fail: RBC joins ranks of world’s systemically important banks

RBC joins 'too big to fail' global bank club

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Royal Bank of Canada (RY.TO) has joined the ranks of global banks deemed too big to fail.

The Basel, Switzerland-based Financial Stability Board added RBC to its list of global systemically important banks on Tuesday.

As a result, RBC will be required to hold a one per cent additional capital buffer.

"This designation reflects the size and scale of RBC's global operations," the bank said in a press release, while adding it already meets the additional capital requirement.

A total of 30 banks are on the list, with RBC being the only addition since 2016.

The Toronto-based lender faces the same capital requirement as other major institutions including Morgan Stanley, UBS, and Royal Bank of Scotland.

JP Morgan Chase, meanwhile, has the highest additional capital buffer at 2.5 per cent. 


G-SIBs as of November 2017 allocated to buckets corresponding to required levels of additional capital buffers

 

Bucket G-SIBs in alphabetical order within each bucket

 5

(3.5%)

(Empty) 

4 

(2.5%)

JP Morgan Chase 

3

(2.0%)

 Bank of America

Citigroup

Deutsche Bank

HSBC

2

(1.5%)

Bank of China

Barclays

BNP Paribas

China Construction Bank

Goldman Sachs

Industrial and Commercial Bank of China

Limited Mitsubishi UFJ FG

Wells Fargo 

1

(1.0%)

 Agricultural Bank of China

Bank of New York Mellon

Credit Suisse

Groupe Crédit Agricole

ING Bank

Mizuho FG

Morgan Stanley

Nordea

Royal Bank of Canada

Royal Bank of Scotland

Santander

Société Générale

Standard Chartered

State Street

Sumitomo Mitsui FG

UBS

Unicredit Group

Table from: Financial Stability Board