US rejects ‘living will’ plans of most large US banks

New York (AFP) – Regulators rejected contingency plans of most giant US banks that aim to avoid taxpayer bailouts for failing banks, two US agencies said Wednesday.

Regulators rejected plans of seven of the eight banks deemed “systemically important,” or “too big to fail,” including JPMorgan Chase and Bank of America. Failure to pass the test could result in higher capital requirements and other toughened standards.