Five Big Banks' Living Wills Are Rejected by U.S. Regulators

April 13, 2016 2:24 PM

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JPMorgan Chase & Co., Bank of America Corp. and three other major U.S. banks failed to persuade regulators they could go bankrupt without disrupting the broader financial system and could now face a tighter leash from Washington after government agencies used one of the most significant post-crisis powers bestowed under the Dodd-Frank Act.

The banks -- also including Wells Fargo & Co., Bank of New York Mellon Corp. and State Street Corp. -- must scrap their resolution plans, or living wills, after the Federal Reserve and the Federal Deposit Insurance Corp. said versions submitted last year failed to satisfy their requirements. The len...

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