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HU3 - Huntington Bancshares Inc News Story

€8.2 0.0  0.0%

Last Trade - 18/09/20

Sector
Financials
Size
Large Cap
Market Cap £7.63bn
Enterprise Value £15.62bn
Revenue £3.62bn
Position in Universe 118th / 1040

UPDATE 1-Fed gives four foreign banks 'living will' extension, faults Northern Trust

Fri 24th March, 2017 2:24pm
(Adds background) 
    WASHINGTON, March 24 (Reuters) - Northern Trust Corp 
 NTRS.O  had shortcomings in its "living will" plans and has 
until year-end to update a proposal for how to unwind if it went 
bankrupt, U.S. regulators said on Friday as they granted an 
extension for four foreign banks to comply. 
    Barclays Plc  BARC.L , Credit Suisse Group AG  CSGN.S , 
Deutsche Bank AG  DBKGn.DE  and UBS Group AG  UBSG.S  each 
received one-year extensions to July 2018 to satisfy regulators 
on their living wills, according to the U.S. Federal Reserve. 
    Large foreign banks must operate all their U.S. businesses 
under one corporate umbrella, the Fed declared in 2014. Friday's 
extension should give those banks more time to comply. 
    The Fed and Federal Deposit Insurance Corp on Friday granted 
the extension and gave guidance to those four banks "to reflect 
the significant restructuring that they have undertaken to form 
intermediate holding companies." 
    A Northern Trust spokesman was not immediately available for 
comment. 
    Fifteen of the 16 other domestic financial services 
companies reviewed under this part of the living will exams 
passed, the regulators said. 
    Those domestic companies are American Express Co  AXP.N , 
Ally Financial Inc  ALLY.N , BB&T Corp  BBT.N , Capital One 
Financial Corp  COF.N , Comerica Inc  CMA.N , Discover Financial 
Services  DFS.N , Fifth Third Bancorp  FITB.O , Huntington 
Bancshares Inc  HBAN.O , KeyCorp  KEY.N , M&T Bank Corp  MTB.N , 
Regions Financial Corp  RF.N , SunTrust Banks Inc  STI.N , PNC 
Financial Services Group Inc  PNC.N , U.S. Bancorp  USB.N  and 
Zions Financial Bancorp  ZION.O . 
 
 (Reporting by Patrick Rucker; Editing by Chizu Nomiyama and 
Lisa Von Ahn) 
 ((patrick.rucker@thomsonreuters.com; +202 354 5858; Reuters 
Messaging: patrick.rucker.reuters.com@reuters.net)) 
 
Keywords: USA FED/LIVINGWILL
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