Top U.S. regulators find shortcomings in living wills of JPMorgan, BofA, Goldman, Citi
==========
The Federal Reserve and Federal Deposit Insurance Corp. have identified shortcomings in the living will plans of JPMorgan Chase, Goldman Sachs, Bank of America, and Citigroup. Living will plans are detailed plans for banks to wind themselves down in case of catastrophic failure. The regulators did not find weaknesses in the plans from Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. The banks with identified shortcomings must address them in fresh resolution plans due by July 1, 2025. Citigroup's living will plan was found to be deficient by the FDIC board. The regulators' findings do not result in penalties for the banks.
#Banking #Regulation #JpmorganChase #GoldmanSachs #BankOfAmerica #Citigroup #WellsFargo #MorganStanley #StateStreet #BankOfNewYorkMellon #Fdic #FederalReserve
https://seekingalpha.com/news/4117992-top-us-regulators-find-shortcomings-in-living-wills-of-jpmorgan-bofa-goldman-citi
Seeking Alpha /
npub1qpf…damf
2024-06-21 19:18:11
Author Public Key
npub1qpfrthtcf6g8grmwfv45qf28aa4xqk73pgnmwjdfuze8zl2l2cnsewdamfPublished at
2024-06-21 19:18:11Event JSON
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"content": "Top U.S. regulators find shortcomings in living wills of JPMorgan, BofA, Goldman, Citi\n==========\n\nThe Federal Reserve and Federal Deposit Insurance Corp. have identified shortcomings in the living will plans of JPMorgan Chase, Goldman Sachs, Bank of America, and Citigroup. Living will plans are detailed plans for banks to wind themselves down in case of catastrophic failure. The regulators did not find weaknesses in the plans from Wells Fargo, Morgan Stanley, State Street, and Bank of New York Mellon. The banks with identified shortcomings must address them in fresh resolution plans due by July 1, 2025. Citigroup's living will plan was found to be deficient by the FDIC board. The regulators' findings do not result in penalties for the banks.\n\n#Banking #Regulation #JpmorganChase #GoldmanSachs #BankOfAmerica #Citigroup #WellsFargo #MorganStanley #StateStreet #BankOfNewYorkMellon #Fdic #FederalReserve\n\nhttps://seekingalpha.com/news/4117992-top-us-regulators-find-shortcomings-in-living-wills-of-jpmorgan-bofa-goldman-citi",
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