Time is running out for most publicly traded banks to implement what is considered the biggest change to bank accounting rules in decades. They have just three months left.
Many aren’t ready.
The problems lie not with the megabanks of the world. The likes of Citigroup Inc., JPMorgan Chase & Co., and Wells Fargo & Co. have disclosed in earnings calls and in their financial statements how they expect the new standard—current expected credit losses (CECL)—will affect their bottom lines.
Many of the super-regional banks, like PNC Financial Services Group Inc. and Regions Financial Co., have signaled their readiness, too....