According to a new report by Standard & Poor’s, the annual collective pretax profit of the US’ eight largest financial institutions could fall by as much as $34 billion from Dodd-Frank related costs, Laura Keller of Bloomberg reports.The S&P estimates that the collective pretax loss will be at least $22 billion.
The report attributes the growth in possible pretax losses to be attributed to how regulators intemperate the limitations of the Volker rule.
Previously, the S&P’s estimate for pretax loss from Wall Street’s banks including Citigroup, Goldman Sachs, Morgan Stanley, Wells Fargo, PNC, US Bancorp, JPMorgan Chase and Bank of America, spanned from $19.5 billion to $26 billion.
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