The US Federal Reserve is proposing to cut the amount of capital the US's largest banks are required to hold by revising the way a key leverage ratio is calculated. The Fed said the change would reduce the aggregate amount of tier one capital required by the country's eight "systemically important banks" by a net US$400 million. But the policy director of Americans for Financial Reform told the FT that it could actually result in the lowering of capital requirements by "many tens or even hundreds of billions in capital if the banks change their balance sheets to load up on assets that regulators assign a low risk weight - such as AAA-rated mortgage backed securities before the crisis or Greek debt today". S&P Global ratings has put Deutsche Bank on credit watch with negative implications, warning that its 'A-' long-term issuer credit rating could be downgraded. The rating agency pointed to this week's surprise ousting of CEO John Cryan (replaced by retail banking head Christian Sewing) and perceived lack of progress on restructuring plans. S&P said a decision would be made on the bank's long-term rating by the end of next month. It affirmed its BBB- rating on the bank's senior subordinated debt.