Advertisement
UK markets open in 1 hour 7 minutes

  • NIKKEI 225

    37,635.25
    -824.83 (-2.14%)
     

  • HANG SENG

    17,279.97
    +78.70 (+0.46%)
     

  • CRUDE OIL

    82.94
    +0.13 (+0.16%)
     

  • GOLD FUTURES

    2,329.50
    -8.90 (-0.38%)
     

  • DOW

    38,460.92
    -42.77 (-0.11%)
     

  • Bitcoin GBP

    51,536.59
    -1,977.71 (-3.70%)
     

  • CMC Crypto 200

    1,389.06
    -35.04 (-2.46%)
     

  • NASDAQ Composite

    15,712.75
    +16.11 (+0.10%)
     

  • UK FTSE All Share

    4,374.06
    -4.69 (-0.11%)
     
Money:

The five essential pieces of financial paperwork you must never lose

Mislaying key documents can cause real headaches, so it’s worth tracking down these most commonly-lost bits of paperwork

U.S. banks post detailed crisis plans to avoid breakup threat

Reuters - UK Focus

WASHINGTON, July 6 (Reuters) - The largest Wall Street banks on Monday published detailed manuals of how to shut down their business during a crisis without the help of taxpayer money, a crucial step to prevent being broken up by regulators.

After the 2007-09 financial crisis, the banks were required to submit the so-called "living wills" each year to show how they would proceed though an ordinary bankruptcy during a crisis without quietly relying on government support.

But the Federal Reserve and the Federal Deposit Insurance Corporation last year said they were unhappy about the quality of the plans, urging the banks to improve them, or face tough sanctions including being broken up.

The 2010 Dodd-Frank Act gave the regulators the power to carve up the banks if they jointly deem the living wills "not credible," though that is only the starting point of a lengthy procedure giving banks several chances to improve.

The banks are Bank of America, Bank of New York Mellon, Barclays (LSE: BARC.L - news) , Citigroup (NYSE: C - news) , Credit Suisse (NYSE: CS - news) , Deutsche Bank (Xetra: 514000 - news) , Goldman Sachs (NYSE: GS-PB - news) , JPMorgan Chase (Swiss: JPM.SW - news) , Morgan Stanley (Xetra: 885836 - news) , State Street , UBS (NYSEArca: FBGX - news) and Wells Fargo. (Reporting by Douwe Miedema; Editing by Alan Crosby)