FSB Publishes 2025 Global Systemically Important Banks (G-SIBs) List

2025-11-27 · Market News · QuoteReporter

# FSB Publishes 2025 Global Systemically Important Banks (G-SIBs) List: Stability in Names, Movement in Buckets

The Financial Stability Board (FSB) has released its annual identification of the world’s most systemically important banks. The 2025 G-SIB list, based on end-2024 data contains **29 institutions** — exactly the same names as the 2024 list, with **no new designations and no exits**.

Despite the unchanged roster, three banks have migrated between buckets, triggering material changes to their mandatory higher loss-absorbency (capital surcharge) requirements from **1 January 2027**.

### Key Changes in the 2025 Assessment
– **Bank of America** ↑ moved from Bucket 2 → Bucket 3
→ Additional CET1 requirement increases from 1.5% to **2.0%** (+50 bps)
– **Industrial and Commercial Bank of China (ICBC)** ↑ moved from Bucket 2 → Bucket 3
→ Additional CET1 requirement increases from 1.5% to **2.0%** (+50 bps)
– **Deutsche Bank** ↓ moved from Bucket 2 → Bucket 1
→ Additional CET1 requirement decreases from 1.5% to **1.0%** (-50 bps)

The FSB explicitly noted that the primary driver of score movements this year was the **complexity indicator** (notional derivatives, trading book, Level 3 assets, and securities), followed by changes in cross-jurisdictional activity and overall size.

### Full 2025 G-SIB Buckets and Required Additional CET1 Buffers
(Effective 1 January 2027)

**Bucket 5 (3.5%)** — Highest risk
– (Empty)

**Bucket 4 (2.5%)**
– JPMorgan Chase (unchanged, remains the most systemically important bank globally)

**Bucket 3 (2.0%)**
– Bank of America ↑
– Citigroup
– HSBC
– Industrial and Commercial Bank of China Limited (ICBC) ↑

**Bucket 2 (1.5%)**
– Agricultural Bank of China
– Bank of China
– Barclays
– BNP Paribas
– China Construction Bank
– Goldman Sachs
– Groupe Crédit Agricole
– Mitsubishi UFJ Financial Group
– UBS

**Bucket 1 (1.0%)** — Lowest G-SIB surcharge
– Bank of Communications (BoCom)
– Bank of New York Mellon
– Deutsche Bank ↓
– Groupe BPCE
– ING
– Mizuho Financial Group
– Morgan Stanley
– Royal Bank of Canada
– Santander
– Société Générale
– Standard Chartered
– State Street
– Sumitomo Mitsui Financial Group
– Toronto-Dominion Bank
– Wells Fargo

### What the Moves Mean in Practice
– **Bank of America and ICBC** will each need to hold an extra 0.5% of risk-weighted assets in Common Equity Tier 1 capital starting 2027. For institutions of their size, this translates into tens of billions of dollars of additional high-quality capital.
– **Deutsche Bank** gains meaningful regulatory capital relief at a time when it is actively rebuilding profitability and investor confidence.
– **JPMorgan Chase** continues to sit alone in Bucket 4, reinforcing its position as the single most systemically risky bank in the eyes of global regulators.

### Broader Regulatory Obligations for All 29 G-SIBs
Beyond the bucket-specific capital surcharge, every designated G-SIB must continue to meet:
– **Total Loss-Absorbing Capacity (TLAC)** requirements (phased in since 2019)
– Annual group-wide **resolution planning** and **resolvability assessments** conducted through FSB Crisis Management Groups
– Heightened supervisory expectations for risk governance, risk data aggregation (BCBS 239), and internal controls
– Public disclosure of the 13 high-level G-SIB indicators under Basel Pillar 3 rules

### Looking Ahead
The Basel Committee will shortly publish the full denominators, cut-off scores, and individual bank indicator data. Market participants will scrutinise these disclosures to understand the precise drivers behind the upward moves of Bank of America and ICBC, and the continued de-risking trajectory at Deutsche Bank.

The next G-SIB assessment, using end-2025 data will be published in **November 2026**.

**Official Source**
Financial Stability Board – 2025 list of global systemically important banks (G-SIBs)
https://www.fsb.org/2025/11/2025-list-of-global-systemically-important-banks-g-sibs/

*This list remains one of the most closely watched regulatory indicators of systemic risk concentration in global banking.*

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