Regulators Criticize 'Living Wills' of Major U.S. Banks
TL;DR Summary
The Federal Deposit Insurance Corporation and Federal Reserve Board reviewed the 2023 resolution plans of the eight largest and most complex banks, identifying shortcomings in the plans of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. Citigroup's plan was particularly noted for a deficiency by the FDIC, though the Federal Reserve only found a shortcoming. The banks have been given feedback and must address these issues in their next resolution plans due by July 1, 2025.
- Agencies announce results of resolution plan review for largest and most complex banks Federal Reserve
- Regulators hit Citigroup, JPMorgan Chase, Goldman Sachs and Bank of America over living will plans CNBC
- Fed and FDIC flag problems with ‘living wills’ of four of the largest U.S. banks MarketWatch
- Fed, FDIC ding four of the largest U.S. banks' unwinding plans American Banker
- Fed Faults the Living Wills of BofA, Citi, Goldman and JPMorgan Bloomberg
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