U.S. Regulators Press Four Foreign Banks To Improve Living Wills

By Greg Robb Markets MarketWatch Pulse

U.S. financial regulators on Friday pressed four foreign banks to improve their living wills. Barclays PLC , Credit Suisse, Deutsche Bank and UBS AG were each given until July 2018 to improve their resolution plans, which are intended to map out a strategy so their U.S. operations could be closed under bankruptcy law without taxpayer assistance in the event of an unexpected crisis. At the same time, the Federal Reserve and the Federal Deposit Insurance Corp. said livings wills presented by 16 large U.S. banks would be functional. Only Northern Trust Corp.'s living will had shortcomings that must be addressed in this year's plan due on Dec. 31.

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