Fed gives Northern Trust 'living will' extension along with four foreign banks

Key

24/03/2017 13:00

WASHINGTON, March 24 (Reuters) - Northern Trust Corp 
 NTRS.O  had shortcomings in its 'living will' plans and will 
have until year-end to update its plan on how to unwind in 
bankruptcy, U.S. regulators said on Friday as they granted a 
similar extension to four foreign banks. 
    Barclays PLC  BARCR.UL , Credit Suisse  CSAG.UL , Deutsche 
Bank AG  DBKGSG.UL and UBS AG  UBSAG.UL  were given a one-year 
extension to satisfy regulators on their 'living wills' with 
that paperwork due in July 2018, according to the Federal 
Reserve. 
    The Fed and Federal Deposit Insurance Corporation issued 
guidance to those four firms "to help them improve their 
resolution plans and to reflect the significant restructuring 
that they have undertaken to form intermediate holding 
companies." 
    Fifteen of the 16 other domestic firms reviewed under this 
part of the 'living will' exams passed, the regulators said. 
    Those domestic banks are American Express  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 , Key Corp  KECR.BO , M&T Bank Corp  MTB.N , Regions 
Finanical Corp  RF.N , Sun Trust Banks Inc  STI.N , The PNC 
Financial Services Group Inc  PNC.N , U.S. Bancorp  USB.N  and 
Zions Financial Bankcorp  ZION.O     
 
 (Reporting By Patrick Rucker; Editing by Chizu Nomiyama) 
 ((patrick.rucker@thomsonreuters.com; +202 354 5858; Reuters 
Messaging: patrick.rucker.reuters.com@reuters.net)) 
 
Keywords: USA FED/LIVINGWILL