US systemic banks’ op risk charges fell in Q3

Bank of America’s charge falls 26% following a model change

Capital held against operational risks fell $11 billion (-7%) in aggregate across the eight US systemic banks over the third quarter, driven by a model change at Bank of America that reduced its charge by a whopping 26%.

Total op risk capital held by the firms totalled $138.2 billion, its lowest level on public record. BofA’s charge fell to $29.7 billion in Q3, down from the $40 billion it had been set at since Q4 2015.

Goldman Sachs also saw its op risk charge decline slightly over Q3, by 3%

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