US banks seize chance to transfer securities from HTM to AFS

Wells Fargo, JP Morgan and Citi reclassify $34bn following new hedge accounting treatment

Three large US banks took advantage of a change in hedge accounting rules to reclassify $34.3 billion of securities from held-to-maturity (HTM) to available-for-sale (AFS).

In January, Citi, JP Morgan and Wells Fargo adopted new guidance issued by the US Financial Accounting Standards Board (FASB) aimed at giving banks better hedge accounting treatment for AFS books.

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