Wells Fargo has satisfactory 'living will' plan: Fed
Reuters
Published Apr 24, 2017 06:07PM ET
Wells Fargo has satisfactory 'living will' plan: Fed
WASHINGTON (Reuters) - Wells Fargo & Co (N:WFC) has presented the Federal Reserve with a satisfactory plan on how to unwind its business in case of bankruptcy, the U.S. central bank said on Monday.
The resolution plan, or "living will", is required of the nation's largest banks and is meant to help prevent a future financial crisis.
In December, the Fed and Federal Deposit Insurance Corporation notified Wells Fargo that the bank's plan fell short. In its Monday announcement, the regulators said Wells Fargo has "adequately remedied the deficiencies."
Living wills for banks were conceived in the wake of the 2008 financial meltdown when the downfall of several Wall Street banks sent shockwaves through global markets.
U.S. taxpayers had to prop up banks that were deemed "too big to fail" and Congress vowed that such a rescue would not happen again.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.