The Financial Stability Board tweaked its ranking of the world's most important banks, a group of lenders seen as needing closer supervision and tougher rules to ensure they aren't too big to fail, the Wall Street Journal reported. Key changes in this year's list of global systemically important banks, or G-SIBs:
- Credit Suisse, the troubled Swiss bank which was acquired by domestic peer UBS earlier this year, is out. (UBS moves up by a tier, increasing its capital requirements).
- UniCredit of Italy was also removed.
- China's Bank of Communications joined the group, meaning five of the 29 G-SIBs are Chinese. (U.K.-based HSBC is a major shareholder in BoCom.)
Others on the list include Barclays, BNP Paribas, HSBC, JPMorgan, and Japan's Mitsubishi UFJ. Such banks face stricter supervision and must maintain higher capital buffers, while adhering to an international standard for total loss-absorption capacity.