NEW YORK, July 27 (Reuters) - Bank of America CEO Brian Moynihan said U.S. authorities need to be careful when implementing new capital requirements of the Basel III accord to avoid reducing the ability of U.S. banks to compete globally.
... We're talking about a $30 or $40 billion bank, or a $100 billion bank, not being able to compete for a middle market loan because a bank or a supplier in Europe ... is getting a lower cost of capital", Moynihan added.
U.S. banking regulators are expected to unveil on Thursday a sweeping proposal for stricter bank capital requirements.
While the precise details aren't yet known, regulators have said the rules will apply to banks with $100 billion in assets or more.
Bank of America expects a "slight" recession in the first part of next year and predicts the first interest rate cut will happen by mid-2024.
Persons:
Brian Moynihan, Moynihan, JPMorgan, Jonathan Stempel, Tatiana Bautzer, David Goodman, Chizu
Organizations:
YORK, Bank of America, Basel III, Fox Business, Pacwest Bancorp, JPMorgan Chase, Thomson
Locations:
Basel, U.S, Europe, Banc, California