AIG's risk to stability reduced; qualifies for less oversight: Yellen
But US financial regulators still divided over how to determine if a company is systemically risky
Washington
AMERICAN International Group Inc poses less of a threat to financial stability because it shrank its assets by more than US$500 billion, Federal Reserve chair Janet Yellen said on Monday in explaining why she voted in favour of releasing the company from stricter oversight.
Her comments and others published by regulators on Monday shed light on a process financial firms say is too opaque and unaccountable, indicating big banks and insurers will have to downsize dramatically if they are to shake off the "systemically risky" label.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Japanese yen slides back towards 34-year low after brief spike
China’s Bank of Communications Q1 profit rises 1.44%
HSBC’s private bank shuts independent asset management business in HK, Singapore
Nomura Q4 net profit jumps almost eight-fold on retail income surge
Rescue pup to meme star: the real-life ‘Dogecoin’ dog
Money laundering accused Zhang Ruijin slapped with 5 more charges days before scheduled guilty plea