December 17, 2019 / 9:34 PM / 2 months ago

U.S. banking regulators sign off on 'living wills' for large U.S. banks

WASHINGTON, Dec 17 (Reuters) - Two U.S. banking regulators signed off on Tuesday on "living wills" submitted by eight large U.S. banks, although the regulators identify shortcomings in six of those plans that must be addressed.

The Federal Reserve and the Federal Deposit Insurance Corporation said while all the plans show how the banks could be safely dissolved in a crisis, most of the banks struggled to produce key data under stressed conditions, and the issue should be rectified. Bank of America, Bank of New York Mellon , Citigroup, Morgan Stanley, State Street and Wells Fargo must tell the regulators how they will address the issue by March 31, 2020. They did not identify shortcomings with plans from JPMorgan Chase or Goldman Sachs. (Reporting by Pete Schroeder Editing by Leslie Adler)

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