Reported 11 months ago
US bank regulators have identified flaws in the living wills of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, requiring them to enhance their plans for a safe resolution in bankruptcy, particularly focusing on unwinding their derivatives portfolios. The Federal Reserve and FDIC have urged the banks to address these deficiencies by detailing solutions in their 2025 submissions. FDIC raised concerns about Citi's plan to a 'deficiency,' while regulators emphasized the need for all big banks to strengthen their living wills following the financial crisis. Citi has been directed to improve data management and outline its resolution plans for global operations.
Source: YAHOO