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ProfitChaser

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Wednesday, 04/13/2016 7:32:00 PM

Wednesday, April 13, 2016 7:32:00 PM

Post# of 53
Top U.S. banks fail bankruptcy test

Apr 13 2016 12:04PM EDT

Updated:Apr 13 2016 12:13PM EDT

WASHINGTON (AP) -- Federal regulators say five of the biggest banks in the U.S. failed to develop adequate plans for how they might reshape themselves in case of bankruptcy, which could leave them unable to survive without another taxpayer bailout.

JPMorgan Chase, Bank of America, Wells Fargo, Bank of New York Mellon and State Street Bank were cited Wednesday by the Federal Reserve and the Federal Deposit Insurance Corp. for gaps in their bankruptcy plans known as "living wills" that they were required to submit. The five banks -- with a total of about $5.6 trillion in assets -- were among eight Wall Street behemoths whose plans were evaluated.

http://www.fox5ny.com/news/121818293-story
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