NEW YORK ( TheStreet) -- The Financial Stability Board on Friday released a list of 29 banks, including eight U.S. banks, that it deemed too big to be allowed to fail.

Among U.S. banks, Bank of America ( BAC - Get Report), Citigroup ( C - Get Report), JPMorgan Chase ( JPM - Get Report), Wells Fargo ( WFC - Get Report), Goldman Sachs ( GS - Get Report), Morgan Stanley ( MS - Get Report), Bank of New York Mellon ( BK - Get Report) and State Street ( STT - Get Report).

The banks, officially dubbed as Global Systemically Important Financial Institutions- or G-SIFIs, face additional capital requirements over and above those stipulated under the most recent international capital rules under Basel 3.

Depending upon their size, complexity, global interconnectedness and other factors, banks will have to add upto 3.5 percentage points to their core Tier 1 Capital ratio than banks that do not pose risks to the financial system. The regulators are yet to determine which the actual surcharge buckets at the individual bank level.

The additional capital requirements will be phased in, starting in January 2016 for banks identified as SIFIs in November 2014 and will be in full implementation by January 2019.

The list includes 17 other European banks, 3 Japanese banks and one Chinese bank. The list is preliminary will be updated every year in November. The future list may also include non-bank SIFIs.

Banks have objected to the global surcharge, saying it will hinder their ability to make loans and boost the economy. JPMOrgan Chase CEO Jamie Dimon has gone so far as to call the rules anti-American.

--Written by Shanthi Bharatwaj in New York

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