Fed blasts big banks over ‘unrealistic' living wills
Fed: 11 firms ‘must take immediate action to improve their resolvability'
The Federal Reserve has urged 11 systemically important banks, including Goldman Sachs and JP Morgan, to take "immediate action" to improve their resolvability, after finding "shortcomings" in their ‘living wills'.
The Fed and the Federal Deposit Insurance Corporation (FDIC) require financial institutions with $50 billion in total consolidated assets to submit periodic resolution plans, known as living wills, outlining how each firm intends to resolve itself in the event of distress or failure.
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