X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.
(AP Photo/Seth Wenig, File)
Aug. 7 (Bloomberg) — The Federal Reserve and Federal Deposit Insurance Corp. told 11 of the largest U.S. and foreign banks, including JPMorgan Chase & Co. and Goldman Sachs Group Inc., that they failed in their efforts to create so-called living wills.

The firms spent two years working on hypothetical bankruptcy plans to prove they aren’t “too big to fail.” The agencies ordered the banks to simplify their legal structures and revise some practices to make sure their collapse wouldn’t damage the wider financial system.

Dig Deeper

BenefitsPRO

Join BenefitsPRO

Don’t miss crucial news and insights you need to navigate the shifting employee benefits industry. Join BenefitsPRO.com now!

  • Unlimited access to BenefitsPRO.com - your roadmap to thriving in a disrupted environment
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
  • Exclusive discounts on BenefitsPRO.com and ALM events.

Already have an account? Sign In Now
Join BenefitsPRO

Copyright © 2019 ALM Media Properties, LLC. All Rights Reserved.