Sent to us by a reader.
Five out of eight of the biggest U.S. banks do not have credible plans for winding down operations during a crisis without the help of public money, federal regulators said on Wednesday, saying the institutions could face stricter oversight if they do not fix their plans.
The “living wills” that the Federal Reserve and Federal Deposit Insurance Corporation jointly agreed were not credible came from Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street,Wells Fargo. Continue reading “5 major banks fail ‘too big to fail’ test; Citi’s plan passes”

