WASHINGTON, Jan. 13 (UPI) -- Major U.S. investment banks will bear the brunt of new fees President Barack Obama is expected to reveal Thursday, those familiar with the plan say.
Unnamed sources told Financial Times the levy will be based on banks' assets minus insured deposits and shareholder equity. That would put the biggest burden on firms such as Goldman Sachs, Morgan Stanley and other investment banks, the business newspaper said.
Bank of America, Wells Fargo, JP Morgan Chase, Citigroup and other banks with large insured deposits relative to their overall balance sheet would get off easier.
About 20 of the biggest U.S. financial institutions are expected to be affected.
Meanwhile, leaders of the nation's biggest banks testified Wednesday before the Financial Crisis Inquiry Commission, which is investigating the circumstances leading up to the financial crisis and its aftermath, The Hill reported.
