JPM · 10-Q · 2026Q1 · Full report

U.S. Basel III Re-Proposal

JPMORGAN CHASE & CO · 2026-05-01 · Importance 65 · Surprise 60 · In source text

In March 2026 the Federal Reserve, OCC and FDIC released the “U.S. Basel III Re-Proposal” (and a concurrent GSIB Surcharge Re-Proposal) proposing a single expanded risk-based RWA calculation (limiting internal models except for Market risk) and a new Operational Risk RWA component. JPMorgan Chase estimates the U.S. Basel III Re-Proposal, as applied to its positions as of December 31, 2025, would increase the Firm’s required CET1 capital by approximately 6%, and that the U.S. Basel III Re-Proposal together with the GSIB Surcharge Re-Proposal would increase required CET1 capital by approximately 4% versus the requirement that would become effective January 1, 2028. The filing notes the Firm’s CET1 capital was $291,152 million at March 31, 2026, implying the combined ~4% increase would be on the order of ~$11.6 billion (and the ~6% estimate ~ $17.5 billion) of additional required CET1 capital absent any mitigating actions. Comments on the proposals were due by June 18, 2026.

Key facts

• Based on the Firm's understanding of the U.S. Basel III Re-Proposal applied to positions as of December 31, 2025, the estimated impact would be an increase to the Firm's required CET1 capital of approximately 6%. source
• The Firm expects the U.S. Basel III Re-Proposal and GSIB Surcharge Re-Proposal together would result in an increase in the Firm’s required CET1 capital of approximately 4% compared to the CET1 capital requirement that would become effective on January 1, 2028 under current rules. source
• Comments on the U.S. Basel III Re-Proposal and GSIB Surcharge Re-Proposal are due by June 18, 2026. source

Impact estimates