3/17/2020, 3:23 AM (Source: TeleTrader)
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Largest US banks to access funding from Fed's discount window

Eight largest United States banks that are members of the Financial Services Forum announced that they will access funding from the Federal Reserve's discount window to "reassure financial institutions of all sizes that they should use the facility" to meet client needs during the coronavirus crisis.

"While Forum member institutions individually have substantial liquidity and multiple sources of funding, they believe it is important to lead by demonstrating the value of the Federal Reserve’s discount window facility and to encourage its use by other financial institutions," the banks said in a statement.

The Financial Services Forum's members are Bank of America, Bank of New York Mellon, Citigroup, Goldman Sachs, JP Morgan Chase, Morgan Stanley, State Street, and Wells Fargo.

Breaking the News / NP