NEW YORK (TheStreet) -- Shares of JP Morgan Chase & Co. (JPM) are down 1.65% to $61.42 on heavy trading volume after it was reported that the bank may need more than $20 billion in additional capital by 2019 to meet a new Federal Reserve requirement, according to Bloomberg.
The Federal Reserve Board on Tuesday unanimously proposed to set tough capital rules for the eight biggest U.S. banks. The measure would be tougher than an international agreement already in place for large institutions and seeks to press big banks to reduce their "systemic footprint."
JPMorgan "was the firm that is actually going to have to come up with more capital," Fed Vice Chairman Stanley Fischer said in a subsequent meeting, according to Bloomberg.
About 13.94 million shares changed hands by 12:53 p.m. in New York, compared to the average of 12.64 million shares.
Separately, TheStreet Ratings team rates JPMORGAN CHASE & CO as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate JPMORGAN CHASE & CO (JPM) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its revenue growth, compelling growth in net income, notable return on equity, increase in stock price during the past year and impressive record of earnings per share growth. We feel these strengths outweigh the fact that the company shows weak operating cash flow."