Banks Coming Up Short On Asset Disclosure And Contingency Plans To Avoid A Bail-Out

On April 13th, The Fed and the FDIC rejected plans from JPMorgan Chase (NYSE:JPM), Wells Fargo (NYSE:WFC), Bank Of America (NYSE:BAC), State Street (NYSE:STT), and Bank Of New York Mellon (NYSE:BK). They gave these banks until October 1st to resubmit their proposals. Goldman Sachs (NYSE:GS) and Morgan Stanley (NYSE:MS) also had shortcomings but were not seen as unanimous from both the Fed and FDIC. On page 19 through 23, the report reviews each individual company’s shortcomings and what they need to fix, which should be read by any investor in these companies. (Each individual company’s submission can be found here.)


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