美国战略更新 ： 2023 年第三季度美国 GSIB 评分更新

The 2023 Q3 Systemic Risk Report for US GSIBs shows that all GSIBs except BNY had a higher score compared to year-end 2022. JPM had the largest score increase (+86 points), followed by GS (+75 points); STT had the smallest increase (+3 points). The higher scores will push up JPM's capital surcharge from 4.5% to 5.0% in 2025, unless the bank can lower its score by 14 points or more in the current quarter. Similarly, GS needs to lower its score by at least 45 points in Q4 to prevent its 2025 surcharge rise from 3% to 3.5%. Citi and BofA operated in their respective 2022 surcharge bucket as of Q3. However, both their scores were teetering on the threshold of the next higher bucket by a few points. Cross-currency bases are trading at tighter levels compared to the same period over last two years, suggesting that banks are generally at ease about funding conditions for the year-end.