From CNBC: 2024-06-21 14:01:25

Citigroup CEO Jane Fraser testified at a Senate hearing. Banking regulators found weaknesses in the resolution plans of four major American banks: Citigroup, JPMorgan Chase, Goldman Sachs, and Bank of America. The banks’ living wills, meant to unwind massive derivatives portfolios in times of distress, were deemed inadequate by regulators. Citigroup’s plan was considered to have a serious deficiency by the FDIC. The banks must address these issues in their next living will submissions due in 2025. Citigroup stated they are committed to addressing the identified issues and have confidence in their ability to be resolved without taxpayer funds.

Read more: Citigroup, JPMorgan Chase, Goldman Sachs hit by regulators