Fed Faults Living Wills of BofA, Citi, Goldman and JPMorgan.

The Federal Reserve and Federal Deposit Insurance Corp. have found weaknesses in the "living wills" of JPMorgan Chase & Co., Bank of America Corp., Goldman Sachs Group Inc., and Citigroup Inc. These living wills are plans for a hypothetical wind-down of the banks. The regulators did not identify weaknesses in the plans of Bank of New York Mellon Corp., Wells Fargo & Co., State Street Corp., or Morgan Stanley. The banks with identified weaknesses must address them in new resolution plans by July 1, 2025. [Extracted from the article]