Reported 11 months ago
Regulators found weaknesses in 'living wills' submitted by the country’s largest banks, including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C). The Federal Reserve and Federal Deposit Insurance Corporation identified a 'shortcoming' in the plans submitted in 2023, raising questions about their feasibility. Citigroup's plan was found to have a more serious 'deficiency' according to the FDIC. The banks have until September to address these weaknesses and must improve their resolution plans by July 1, 2025, under Dodd-Frank regulations.
Source: YAHOO