WASHINGTON Oct 4 The Federal Reserve on Tuesday
said it has received Wall Street plans for how to wind down
leading banks in the case of bankruptcy and regulators will
begin reviewing that paperwork.
The 'living will' paperwork came from eight leading banks
including Goldman Sachs & Co, Bank of America Corp and
JPMorgan Chase & Co.
The Fed and Federal Deposit Insurance Corp will decide
whether the leading banks can feasibly be wound down in the case
of a financial crisis or bankruptcy.
Any bank that does not meet the regulators' test may be
forced to break itself into smaller lenders.
(Reporting By Patrick Rucker; Editing by Chris Reese)