JPMorgan Chase, Bank of America and Citibank Holding $7,427,000,000,000 Off-Balance Sheet in Potentially Dangerous Cocktail of Unknown Assets: Report

JPMorgan Chase, Bank of America, and Citibank are reportedly hiding a staggering $7.4 trillion worth of potentially risky assets off their balance sheets, according to data from the US government. The Federal Financial Institutions Examination Council (FFIEC) revealed that JPMorgan Chase alone holds $3.2 trillion off-balance sheet, with Bank of America and Citibank holding $1.6 trillion and $2.6 trillion, respectively. These off-balance sheet activities, which include various financial instruments, were widely used by banks during the 2008 financial crisis and were heavily criticized for their role in exacerbating the collapse. The Federal Reserve proposed higher capital requirements for banks last year to strengthen their resilience during economic downturns, but CEOs from major banks opposed these changes, arguing that they would harm the banking industry and the overall economy. The controversial practice of hiding assets off-balance sheet continues to raise concerns over the stability and transparency of the banking sector.