12:34 PM EDT, 10/23/2024 (MT Newswires) -- Citigroup ( C ) Chair John Dugan does not expect the revised Basel III proposal for bank capital requirements to be finalized ahead of the US elections, Bloomberg reported Wednesday.

Dugan reportedly told participants at an Institute of International Finance conference that there seemed to be a "fundamental stalemate" over the latest version at the Federal Deposit Insurance Corp., Bloomberg said.

Regulators have agreed to cut the proposed 19% capital requirement increase for the biggest US banks to 9%, but this is facing resistance at the FDIC.

Dugan also said that a Donald Trump presidency would see a lot of personnel changes, Bloomberg reported.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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