Some banks’ living wills have ‘shortcomings’ – US agencies
Latest assessment finds previous “deficiencies” have been corrected
US supervisors have declared “shortcomings” in the living wills of four major banks, having concluded their annual assessment of resolution arrangements.
A joint statement by the US Federal Reserve Board and Federal Deposit Insurance Corporation on December 19 says Bank of America, Goldman Sachs, Morgan Stanley and Wells Fargo each have shortcomings that need to be corrected in their next submission of the resolution plans, due on July 1, 2019.
Shortcomings varied among the banks. For example
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