The Federal Reserve and the FDIC jointly released publicportions of the "targeted submissions" related to the 2015 resolutionplans of eight large banking companies.
The agencies in April determined that , ,JPMorgan Chase &Co., State StreetCorp. and Wells Fargo& Co. did not submit credible 2015 resolution plans. Thecompanies were required to remedy the identified deficiencies by Oct. 1 andfile targeted submissions describing the process.
If the companies have failed to adequately remedy thedeficiencies, the agencies may levy more severe capital and liquidityrequirements on them and their units, and restrict their growth opportunities.Thereafter, if the companies are still unable to remedy the deficiencies duringa two-year period, the release noted that the agencies may require thecompanies to sell certain operations or assets.
The agencies also identified weaknesses in the 2015resolution plans submitted by Goldman Sachs Group Inc., and . These companies werealso required to correct and address the weaknesses in their targetedsubmissions by Oct. 1.