U.S. banks told to make plans to avoid collapse

Filed under: AM Roundup |

U.S. regulators directed five of the biggest banks, including Bank of America and Goldman Sachs, to make plans to stave off collapse during another financial downturn, said the Chicago Tribune.

Next time, the banks cannot count on government help.

Banks have been under the directive for two years, and the program is in addition to the “living wills” that banks must have to direct regulators on how to dismantle banks if they do fail.

Read more at the Chicago Tribune.