© Reuters. FILE PHOTO: A Christmas tree is decorated in front of the headquarters of Swiss bank Credit Suisse in Zurich, Switzerland November 23, 2022. REUTERS/Arnd Wiegmann//File Photo
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(Reuters) – The U.S. Federal Reserve and the Federal Deposit Insurance Corp identified two deficiencies in Credit Suisse’s so-called “living will” that details how the firm would be unwound in the event of bankruptcy related to the bank’s U.S. governance and cash flow forecasting.
Banking regulators also identified a shortcoming, which is not as severe as a deficiency, in BNP Paribas’ resolution plan connected to the continuity in resolution of its securities repurchase agreement activity for the bank’s U.S. operations.
Last month, the Fed and FDIC also said Citigroup Inc (NYSE:) must remediate its living will, saying problems with the bank’s data governance could adversely affect its ability to produce timely and accurate data during a period of financial stress.
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