'Living wills' for five out of eight big banks fail U.S. regulators' test

April 13, 2016 12:12 PM

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'Living wills' for five out of eight big banks fail U.S. regulators' test

WASHINGTON Five out of eight of the biggest U.S. banks do not have credible plans for winding down operations during a crisis without the help of public money, federal regulators said on Wednesday, saying the institutions could face stricter oversight if they do not fix their plans.

The "living wills" that the Federal Reserve and Federal Deposit Insurance Corporation jointly agreed were not credible came from Bank of America (BAC.N), Bank of New York Mellon (BK.N), J.P. Morgan Chase (JPM.N), State Street (STT.N), Wells Fargo (WFC.N).

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