US regulators find ‘shortcomings’ in foreign bank living wills
Banks will have to correct the problems when they next file a resolution plan
US regulators have deemed four foreign banks’ resolution plans to contain “shortcomings” that will need to be fixed in future.
The Federal Reserve and Federal Deposit Insurance Corporation said Barclays, Credit Suisse, Deutsche Bank and UBS’s “living wills” all contain problems, though they are not deemed severe enough to need immediate correction.
All four banks have problems related to how they communicate and co-ordinate US operations with the foreign parent in times of stress, the
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