JPMorgan to Contribute $3 Billion to FDIC Fund Refill

JPMorgan Chase expects to allocate around $3 billion to replenish the FDIC fund once proposed rules are finalized, following the $16 billion drain caused by the collapse of three banks this year. Wells Fargo and Bank of America also estimated facing pretax expenses of up to $1.8 billion and $1.9 billion, respectively, under the FDIC proposal. The proposed rule would apply a "special assessment" fee to uninsured deposits of lenders in excess of $5 billion.