FDIC capital rules suggest that a non-cumulative perpetual preferred issued directly by a bank can only count as Tier 1 if the ISSUER holds the conversion option; if the INVESTOR has a conversion option, it is Tier 2 – can someone tell me if that’s really true?
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| +47 | WF Return offers | 28 | 3d |
| +40 | 2026 Investment Banking Return Offer Climate | 25 | 1d |
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