JP Morgan’s SLR falls as Fed relief ends

JP Morgan’s supplementary leverage ratio (SLR) dropped more than a full percentage point overnight on April 1, as a temporary change excluding US Treasuries and excess reserves from the capital rule expired.

The bank reported an SLR of 6.7% as of March 31, the last day on which Federal Reserve relief introduced at the start of the coronavirus crisis applied. The ratio without the relief was 5.5%. The difference implies that about 18% of JP Morgan’s total leverage exposure at end-March was in

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