Large banks are no safer today than they were before the financial crisis, according to a new study co-authored by Larry Summers, the former economic adviser to President Obama and Treasury Secretary under Bill Clinton.

In the paper, published by the Brookings Institution Thursday, Summers and Natasha Sarin examine measures of bank safety implied by financial market information, and found that they indicated that volatility and risk for banks of different sizes are not lower than they were before the crisis and the reforms put in place by President Obama.