U.S. Regulators Give Four Foreign Banks Another Year To Submit Living Wills

U.S. financial regulators announced Wednesday that they will give the four large foreign banks another year to submit so-called living wills. The four banks, Barclays PLC, Credit Suisse Group, Deutsche Bank AG and UBS, will now have until July 2017 to submit the plans. In a release, the Federal Reserve and the Federal Deposit Insurance Corp said the decision was made because the banks are in the midst of restructuring their U.S. operations to come into compliance with standards set out by the Fed. Living wills are designed to ensure that a failing bank could be unwound without government aid.