Regulators Find Flaws in Living Wills of Major U.S. Banks
TL;DR Summary
Banking regulators have identified weaknesses in the resolution plans, or "living wills," of Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America, particularly in their strategies for unwinding massive derivatives portfolios. Citigroup's plan was deemed to have a more serious "deficiency" by the FDIC, though the Federal Reserve did not concur, resulting in an overall "shortcoming" grade. The banks must address these issues in their next submissions due in 2025.
- 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
- U.S. bank regulators find flaws in four big bank 'living wills' Yahoo Finance
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