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ARTICLE · 05 DECEMBER 2022

FRB And FDIC Provide Resolution Plan Feedback To Eight U.S. G-SIBs

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None of the eight institutions' resolution plans were found to be "not credible."

United StatesFinance and Banking
Daniel Meade
Daniel Meade
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Last week, the Federal Reserve Board ("FRB") and the Federal Deposit Insurance Corporation ("FDIC") released their feedback to the eight global systemically important banking institutions ("G-SIBs") headquartered in the United States on their resolution plans, more commonly called living wills. The eight U.S. G-SIBs are Bank of America Corporation ("BofA"), Bank of New York Mellon Corporation ("BNYMellon"), Citigroup Inc. ("Citi"), The Goldman Sachs Group ("GS"), JPMorgan Chase & Co. ("JPMC"), Morgan Stanley ("MS"), State Street Corporation ("State Street"), and Wells Fargo & Company ("Wells Fargo").

None of the eight institutions' resolution plans were found to be "not credible." In other words, all eight institutions "passed" their 2021 targeted resolution plans. Additionally, the six institutions that were found to have shortcomings in their 2019 plans (BofA, BNYMellon, Citi, MS, State Street, and Wells Fargo) related to their ability to produce reliable data

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