As government regulators scrutinize Wells Fargo (WFC) over fraudulent customer accounts, they are also reviewing the bank’s updated “living will,” along with those of seven of its largest rivals whose proposals for winding themselves down in a bankruptcy were rejected earlier this year.
Federal regulators released updated versions of the plans, which range in length from 27 pages to 114 pages, on Tuesday after coordinated reviews by the Federal Reserve and the Federal Deposit Insurance Corp. determined that submissions byBank of America (BAC) , Bank of New York Mellon (BK) , JPMorgan Chase(JPM) , State Street (STT) and Wells Fargo were “not credible.”
