Advertisement
U.S. markets open in 6 hours 18 minutes
  • S&P Futures

    5,208.50
    -6.25 (-0.12%)
     
  • Dow Futures

    39,222.00
    -1.00 (-0.00%)
     
  • Nasdaq Futures

    18,179.50
    -52.00 (-0.29%)
     
  • Russell 2000 Futures

    2,048.20
    -1.60 (-0.08%)
     
  • Crude Oil

    82.57
    -0.15 (-0.18%)
     
  • Gold

    2,158.80
    -5.50 (-0.25%)
     
  • Silver

    25.12
    -0.14 (-0.55%)
     
  • EUR/USD

    1.0866
    -0.0011 (-0.10%)
     
  • 10-Yr Bond

    4.3400
    0.0000 (0.00%)
     
  • Vix

    14.33
    0.00 (0.00%)
     
  • GBP/USD

    1.2703
    -0.0026 (-0.20%)
     
  • USD/JPY

    150.3180
    +1.2200 (+0.82%)
     
  • Bitcoin USD

    63,965.77
    -4,328.14 (-6.34%)
     
  • CMC Crypto 200

    885.54
    0.00 (0.00%)
     
  • FTSE 100

    7,722.55
    -4.87 (-0.06%)
     
  • Nikkei 225

    40,003.60
    +263.20 (+0.66%)
     

Wells Fargo has satisfactory 'living will' plan: Fed

FILE PHOTO: A man walks by a bank machine at the Wells Fargo & Co. bank in downtown Denver, Colorado, U.S. April 13, 2016. REUTERS/Rick Wilking/File Photo

WASHINGTON (Reuters) - Wells Fargo & Co (WFC.N) 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.

(Reporting by Patrick Rucker; Editing by Meredith Mazzilli and Sandra Maler)

Advertisement