The Federal Reserve approved the resolution plans of four foreign banking organisation (FBOs) at the end of last year, stating they had become significantly smaller and easier to wind down in the event of bankruptcy.

The US intermediate holding companies (IHCs) of the four banks – Barclays, Credit Suisse, Deutsche Bank and UBS – have all reduced in size and complexity since the third quarter of 2016, when public disclosure of their operations began.

Credit Suisse shed the most total assets