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June 21, 2024 at 01:08 PM
Four of the biggest banks on Wall Street must improve their blueprints for a hypothetical wind-down after top U.S. regulators found weaknesses in their plans.
The so-called living wills of JPMorgan Chase & Co, Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc. all had a “shortcoming,” the Federal Reserve and Federal Deposit Insurance Corp. said Friday.
The regulators reviewed the most recent resolution plans, which were mandated following the 2008 financial crisis.
“For the four banks with an identified shortcoming, the letters describe the specific weaknesses resulting in the shortcoming and the remedial actions required by the agencies,” the agencies said in a joint statement.
The regulators didn’t identify weaknesses in the plans from Bank of New York Mellon Corp., Wells Fargo & Co., State Street Corp. or Morgan Stanley.
Bank of America, Goldman and JPMorgan declined to comment.
Citi said that is was “fully committed to addressing the issues identified by our regulators.”
