U.S. Banks Make Progress on Their Living Wills
Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street
and Wells Fargo had to resubmit their plans, with the risk of additional penalties such as higher capital requirements or forced divestitures.
The agency, which signed off on the living wills, counts Thomas M. Hoenig, a Wall Street critic, among
its leadership, which has not yet changed since the administration of President Barack Obama.
The Federal Reserve and the Federal Deposit Insurance Corporation cleared the resolution plans of
the eight biggest lenders on Tuesday, though four, including Wells Fargo, need improvements.
This year, the lender, based in San Francisco, was among four banks
that were found to have shortcomings, along with Bank of America, Goldman Sachs and Morgan Stanley.
American banks have finally got the hang of dying in their living wills.
