Apr
13
Wall St. Banks Told to Stand Alone, Without Overseas Help
ByWhen the next financial crisis hits, big American banks will not be able to rely on their internal lifeboats.
That was the takeaway on Wednesday after federal regulators rejected some banks’ so-called living wills, which show how major financial institutions would be wound down in a crisis. JPMorgan Chase and Bank of America are two of five companies that failed the test, according to the Federal Reserveand the Federal Deposit Insurance Corporation. That’s because they count on liquidity help from other subsidiaries that could be cut off from providing that aid when things go awry…
Wall St. Banks Told to Stand Alone, Without Overseas Help
