Fed Faults Living Wills of BofA, Citi, Goldman and JPMorgan (2)

Four of the biggest banks on Wall Street must improve their blueprints for a hypothetical wind-down after top US regulators found weaknesses in their plans.

The so-called living wills of JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc. and Citigroup Inc. all had a “shortcoming,” the <-bsp-bb-link state="{"bbHref":"bbg://securities/13598Z%20US%20Equity","_id":"00000190-3c1a-d497-a7fb-fc1f2c240004","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Federal Reserve and <-bsp-bb-link state="{"bbHref":"bbg://securities/3688Z%20US%20Equity","_id":"00000190-3c1a-d497-a7fb-fc1f2c240005","_type":"0000016b-944a-dc2b-ab6b-d57ba1cc0000"}">Federal Deposit Insurance Corp. said Friday. The regulators reviewed the most recent resolution plans, which were mandated following the 2008 financial crisis.

The Marriner S. Eccles Federal Reserve building in Washington

Photographer: Moriah Ratner/Bloomberg

“For the four banks with an identified shortcoming, the letters describe the specific weaknesses resulting in the shortcoming and the remedial actions ...