US regulators chide four big-bank 'living wills,' FDIC escalates Citi concerns [USA TODAY]
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Source: USA TODAY
Specifically, the Federal Reserve and said the banks need to refine their so-called living wills to show how they could safely unwind their derivatives portfolios when they next submit plans to regulators in 2025. Big banks hold derivatives worth trillions of dollars in notional value and potential changes to how they manage the risk, liquidity or contingent liabilities on those portfolios could be extremely expensive. The banks will be required to detail how they will address those shortcomings, which had not been previously flagged, in September. Bank of America did not provide immediate comment. JPMorgan and Goldman Sachs declined to comment. How to switch banks: "The Fed is trying to get the banks to dial up these wills correctly," said Christopher Marinac, director of research at Janney Montgomery Scott. "It just tells us today that the Fed is not happy with the end result, and there's still work to be done." What's happening with Citi? The FDIC also escalated its co
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