WASHINGTON, March 24 Northern Trust Corp
had shortcomings in its "living will" plans and has
until year-end to update a proposal for how to unwind if it went
bankrupt, U.S. regulators said on Friday as they granted an
extension for four foreign banks to comply.
Barclays Plc, Credit Suisse Group AG,
Deutsche Bank AG and UBS Group AG each
received one-year extensions to July 2018 to satisfy regulators
on their living wills, according to the U.S. Federal Reserve.
Large foreign banks must operate all their U.S. businesses
under one corporate umbrella, the Fed declared in 2014. Friday's
extension should give those banks more time to comply.
The Fed and Federal Deposit Insurance Corp on Friday granted
the extension and gave guidance to those four banks "to reflect
the significant restructuring that they have undertaken to form
intermediate holding companies."
A Northern Trust spokesman was not immediately available for
Fifteen of the 16 other domestic financial services
companies reviewed under this part of the living will exams
passed, the regulators said.
Those domestic companies are American Express Co,
Ally Financial Inc, BB&T Corp, Capital One
Financial Corp, Comerica Inc, Discover Financial
Services, Fifth Third Bancorp, Huntington
Bancshares Inc, KeyCorp, M&T Bank Corp,
Regions Financial Corp, SunTrust Banks Inc, PNC
Financial Services Group Inc, U.S. Bancorp and
Zions Financial Bancorp.
(Reporting by Patrick Rucker; Editing by Chizu Nomiyama and
Lisa Von Ahn)