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Wells Fargo has satisfactory 'living will' plan -Fed
April 24, 2017 / 8:30 PM / 7 months ago

Wells Fargo has satisfactory 'living will' plan -Fed

WASHINGTON, April 24 (Reuters) - Wells Fargo & Co has presented the Federal Reserve with a satisfactory plan on how to unwind its business in case of bankruptcy, the U.S. central bank said on Monday.

The resolution plan, or “living will”, is required of the nation’s largest banks and is meant to help prevent a future financial crisis.

In December, the Fed and Federal Deposit Insurance Corporation notified Wells Fargo that the bank’s plan fell short. In its Monday announcement, the regulators said Wells Fargo has “adequately remedied the deficiencies.” (Reporting By Patrick Rucker; Editing by Meredith Mazzilli)

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