Top US-based foreign banks shrink systemic footprints

The US units of Barclays, Credit Suisse and Deutsche Bank will be cut from the list of firms subject to the toughest oversight by the Federal Reserve having become smaller and simpler in recent years.

The three foreign banking organisations (FBOs), along with the eight US global systemically important banks, are currently supervised as part of the Fed’s Large Institution Supervision Coordinating Committee (LISCC) programme, reserved for those firms that pose an “elevated risk” to financial