Glenn Schorr, an analyst at Nomura Equity Research, believes that the rule will “at a minimum” raise the cost of funding U.S. companies as banks pass on some of the fees. Schorr calculates that banks could lose at least $2 billion a year.
Financials shares were all depressed, including Goldman Sachs (NYSE: GS), Bank of America (NYSE: BAC), Morgan Stanley (NYSE: MS) and JP Morgan Chase (NYSE: JPM).
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Max Chen contributed to this article.