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Fed gives Northern Trust 'living will' extension along with four foreign banks

Reuters - UK Focus

(Corrects last paragraph to change company name and stock symbol to KeyCorp (NYSE: KEY - news) from Key Corp (BSE: KEYCORP.BO - news) )

WASHINGTON, March 24 (Reuters) - Northern Trust Corp had shortcomings in its 'living will' plans and will have until year-end to update its plan on how to unwind in bankruptcy, U.S. regulators said on Friday as they granted a similar extension to four foreign banks.

Barclays PLC (LSE: BARC.L - news) , Credit Suisse (IOB: 0QP5.IL - news) , Deutsche Bank AG and UBS AG (LSE: 0QNR.L - news) were given a one-year extension to satisfy regulators on their 'living wills' with that paperwork due in July 2018, according to the Federal Reserve.

The Fed and Federal Deposit Insurance Corporation issued guidance to those four firms "to help them improve their resolution plans and to reflect the significant restructuring that they have undertaken to form intermediate holding companies."

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Fifteen of the 16 other domestic firms reviewed under this part of the 'living will' exams passed, the regulators said.

Those domestic banks are American Express (Swiss: AXP-USD.SW - news) , Ally Financial Inc, BB&T Corp, Capital One Financial Corp, Comerica Inc (OTC BB: CMPWW - news) , Discover Financial Services (Frankfurt: DC7.F - news) , Fifth Third Bancorp (Frankfurt: 875029 - news) , Huntington Bancshares Inc , KeyCorp, M&T Bank Corp, Regions Finanical Corp, Sun Trust Banks Inc, The PNC Financial Services Group Inc, U.S. Bancorp and Zions Financial Bankcorp (Reporting By Patrick Rucker; Editing by Chizu Nomiyama)