Banks Release 'Living Wills'
July 4 , 2012
Nine of the biggest banks in the US handed in copies of living wills to regulators, thereby revealing clear guidelines for break up in case any of them were to collapse. Megabanks, with over $250 billion assets were asked to submit these living wills to the Federal Reserve and the Federal Deposit Insurance Corp., thereby letting go of their ‘too big to fail’ stature. Morgan Stanley, JP Morgan Chase, UBS, Deutsche Bank, Credit Suisse, Barclays, Bank of America, Citibank, and Goldman Sachs were the first banks to submit these records.