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Regulators: Living wills of JPMorgan, BNY Mellon, Wells, BofA, State Street are 'not credible'

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Regulators: Living wills of JPMorgan, BNY Mellon, Wells, BofA, State Street are 'not credible'

TheFederal Reserve and the FDIC found that the 2015 resolution plans submitted byBank of America Corp.,Bank of New York MellonCorp., JPMorgan Chase& Co., State StreetCorp. and Wells Fargo& Co. were "not credible or would not facilitate anorderly resolution under the U.S. Bankruptcy Code."

Also,the regulators found weaknesses in the resolution plans of andMorgan Stanley thatthe companies must address, but did not make joint determinations regarding theplans and their deficiencies, according to an April 13 news release from theFed.

's resolution planwas found to have shortcomings that it must address, but neither regulatorfound the plan to be "not credible."