Reported 11 months ago
The Federal Reserve and Federal Deposit Insurance Corp. found shortcomings in the living wills of four major U.S. banks, including Citigroup, Bank of America, Goldman Sachs, and JPMorgan Chase. The FDIC considered Citi's plan deficient, while the Fed labeled it as having a less severe shortcoming. The FDIC's finding is symbolic, as when one agency finds a shortcoming and the other a deficiency, the plan is regarded as having a shortcoming. The agencies cited concerns with data management issues and unwinding strategies, particularly related to derivatives portfolios, in the banks' plans.
Source: YAHOO