The Fed and the Office of the Comptroller of the Currency have directed five leading banks to...

|By:, SA News Editor

The Fed and the Office of the Comptroller of the Currency have directed five leading banks to formulate recovery plans for preventing collapse in the event of severe financial stress and even general instability, Reuters reports. The plans are different to those for living wills, with requests first sent two years ago to Citigroup (C), Morgan Stanley (MS), JPMorgan (JPM), BofA (BAC) and Goldman Sachs (GS).