According to the rules of the Dodd-Frank bill, the big banks must show they have “credible living-wills” or actions such as divestiture of assets can be required. Well, on August 5, the Federal Reserve and Federal Deposit Insurance Corp. declared that the “living will” plans by 11 large banks submitted in 2013 are “not credible.” The 11 banks are Bank of America, Citigroup, JP Morgan, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street, and the US units of Barclays, Credit Suisse, Deutsche Bank, and UBS.
