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BEST OF BASH

Jamie Dimon

Some big US banks have 6 months to shape up plans

Five of the biggest U.S. banks have six months to get their disaster plans in shape. That's the message regulators issued Wednesday after giving the banks failing grades for the strategies they would deploy if they tumbled into bankruptcy.

JPMorgan Chase, Bank of America, Wells Fargo, Bank of New York Mellon and State Street Bank were cited by the Federal Reserve and the Federal Deposit Insurance Corp. for "living wills" that are "not credible" or insufficient for an orderly restructuring if needed. The banks were required to submit the plans outlining how they would reshape themselves in the event of failure.

The government exercise is aimed at...

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