JPMorgan has said it expects to set aside around $3 billion for its part in refilling the Federal Deposit Insurance Corporation's (FDIC) fund once recently proposed rules are finalised by the bank regulator.

Sources told Bloomberg in May that FDIC’s proposed rules would exempt smaller lenders from paying in extra money to replenish the government's insurance fund, with big banks instead on the hook for much of the bill.

FDIC is an independent US agency created by the congress to maintain stability and public confidence in the nation’s financial system. Its fund was drained by around $16 billion this year after the collapse of several banks including Silicon Valley Bank (SVB).

Following its collapse, a deal was brokered by the Bank of England (BoE) for its London branch to be acquired by HSBC for £1.

In separate filings this week, Wells Fargo estimated that it would face a pretax "special assessment" of up to $1.8 billion and Bank of America said it could face a pretax expense of about $1.9 billion.

JPMorgan recently announced it would cull around 40 of its investment bankers in North America.

Bloomberg reported that the cuts, which follow more than a year of rising interest rates and economic tension in the US, with JPMorgan Chase’s investment banking and trading revenues both set for decline in the second quarter, would span all levels of seniority.

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