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Thursday, 14 April 2016 - 14:38
US Regulators Reject Crisis Plans Of Biggest Banks
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US regulators have rejected the plans of five big US banks for closing their operations in the event of a crisis.

Banks labelled "too big to fail" must have a so called "living will" that would allow them to close down without the help of public money.

Bank of America, Bank of New York Mellon, JPMorgan Chase, State Street and Wells Fargo have until 1 October to submit improved plans.

JP Morgan said it was "disappointed with the conclusion".

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