BofA, Citi, JPM slash $18trn of derivatives in latest window dressing effort

Systemic indicator reduction in Q4 keeps lid on trio’s capital surcharges

In the last quarter of 2023, Bank of America, Citi and JP Morgan successfully compressed their systemic footprints by cutting the notional amount of over-the-counter derivatives on their books and reducing other systemic indicators, Risk Quantum analysis has found.

As part of a well-established practice of ‘window dressing’, US systemic banks typically reduce their size and complexity in the fourth quarter of each year, before regulators take a snapshot of their books that will inform future

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