Regulators Criticize 'Living Wills' of Major U.S. Banks
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.
