Bank of America faces higher additional capital requirements and its systemic importance has been upgraded.

According to Odaily Planet Daily, Bank of America's systemic importance has been upgraded by the Financial Stability Board (FSB), meaning it will face higher capital requirements. In the FSB's list of Global Systemically Important Banks (GSIBs), the bank has been moved to the third highest tier. The additional capital buffer required by the company has increased from 1.5% to 2%. Deutsche Bank was downgraded one tier, with its additional capital requirement decreasing to 1%. Aside from these changes compared to the previous year, there are no other adjustments.