SIFIs

JPMorgan Chase dropped one rung on the Financial Stability Board’s annual rankings of systemically important banks to sit alongside Citigroup and HSBC Holdings as one of the world’s three most important banks.

The council created by the Dodd-Frank Act to identify systemic risks launched a review of the market as part of an activities-based approach that shifts focus away from targeting individual firms.

The rule establishes a measure of capital adequacy meant to simplify how banks are assessed in the Comprehensive Capital Analysis and Review program.

Cost cutting and systems integrations are short-term priorities, but over time CEO Kelly King and his heir apparent, Bill Rogers, will have to exploit the combined BB&T-SunTrust's revenue potential and prove the biggest post-crisis merger was a good idea.

The smooth and relatively short process should be encouraging to other big banks that are eyeing deals. But their window of opportunity may not last long.