US Federal Reserve Says Regulators Identify Shortcomings In 'Living Wills' Of Bank Of America, Citigroup, Goldman Sachs, And JPMorgan Chase; Banks Must Address Issues In Next Resolution Plan Due July 2025; FDIC Finds 'Deficiency' In Citigroup's Plan; Banks Instructed To Fix Derivatives Unwinding And Contingency Planning, Obtain Necessary Foreign Government Actions
Portfolio Pulse from Benzinga Newsdesk
The US Federal Reserve has identified shortcomings in the 'living wills' of Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase. These banks must address the issues in their next resolution plan due by July 2025. The FDIC found a 'deficiency' in Citigroup's plan. The banks are instructed to fix derivatives unwinding and contingency planning, and obtain necessary foreign government actions.
June 21, 2024 | 4:02 pm
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NEGATIVE IMPACT
Bank of America must address shortcomings in its 'living will' by July 2025 as identified by the US Federal Reserve.
Regulatory scrutiny and the need to address identified shortcomings could create uncertainty and potential costs for Bank of America, negatively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
Citigroup's 'living will' has a 'deficiency' according to the FDIC, and the bank must address this and other shortcomings by July 2025.
The FDIC's finding of a 'deficiency' in Citigroup's plan adds significant regulatory pressure and potential costs, likely leading to a negative short-term impact on its stock price.
CONFIDENCE 90
IMPORTANCE 90
RELEVANCE 100
NEGATIVE IMPACT
Goldman Sachs must address shortcomings in its 'living will' by July 2025 as identified by the US Federal Reserve.
Regulatory scrutiny and the need to address identified shortcomings could create uncertainty and potential costs for Goldman Sachs, negatively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100
NEGATIVE IMPACT
JPMorgan Chase must address shortcomings in its 'living will' by July 2025 as identified by the US Federal Reserve.
Regulatory scrutiny and the need to address identified shortcomings could create uncertainty and potential costs for JPMorgan Chase, negatively impacting its stock price in the short term.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100