Fed Finds No Shortcomings in Wall Street Banks’ Living Wills (1)

Wall Street’s lending giants have adequately described how they would resolve in the event of material financial distress or failure, according to the Federal Reserve and the Federal Deposit Insurance Corp.

The Friday nod by the bank watchdogs came after a joint review of the 2025 living wills of the largest US lenders and other international banks didn’t show “any shortcomings or deficiencies in these resolution plan submissions.”

The agencies also added that each derivatives-related weakness identified in the 2023 plans from Bank of America Corp., Goldman Sachs Group Inc., JPMorgan Chase & Co. and Citigroup Inc. ...