US regulators sign off on large bank 'living wills'
Tweet
Share
E-mail
FILE PHOTO: The exterior of the Marriner S. Eccles Federal Reserve Board building is seen in Washington, D.C., U.S., June 14, 2022. REUTERS/Sarah Silbiger/File Photo/File Photo
By Pete Schroeder
WASHINGTON, May 22 (Reuters) - A pair of U.S. banking regulators have signed off on plans submitted by the nation's largest banks detailing how they could be safely unwound in bankruptcy.
The Federal Reserve and Federal Deposit Insurance Corporation did not identify any shortcomings in the so-called "living wills" of the nation's 8 largest banks and 56 foreign banking organizations. The regulators also announced Friday that shortcomings identified in prior plans submitted by Bank of America, Goldman Sachs, JPMorgan Chase and Citigroup had been sufficiently addressed. The agencies dinged those banks in 2024, saying their plans did not adequately show how they could safely unwind their derivatives portfolios.
(Reporting by Pete Schroeder, Editing by Franklin Paul)
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Trump says he is "happy" Harry and Meghan left US
- Chevron, ENI ink pacts for large oil project expansions in Venezuela
- Anthropic launches AI agent blueprints for retailers ahead of holiday shopping season
Create E-mail Alert Related Categories
ReutersRelated Entities
JPMorgan, Goldman Sachs, Citi, Bankruptcy, FDICSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
