Fed Faults Living Wills of BofA, Citi, Goldman and JPMorgan
- Fed, FDIC find shortcomings in living-will plans from banks
- Lenders must address issues in new plans due in July 2025
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Four of the biggest banks on Wall Street must improve their blueprints for a hypothetical wind-down after top US regulators found weaknesses in their plans.
The so-called living wills of JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc. all had a “shortcoming,” the Federal Reserve and Federal Deposit Insurance Corp. said Friday. The regulators reviewed the most recent resolution plans, which were mandated following the 2008 financial crisis.