Banks have living wills too

Earlier this year, nine of the biggest U.S. banks released so-called “living wills” meant to prevent another “too big to fail” scenario. These wills are meant to tell regulators what the banks plan to do in the event they become insolvent. The Federal Reserve says: “Each plan, commonly known as a living will, must describe the company’s strategy for rapid and orderly resolution under the Bankruptcy Code in the event of material financial distress or failure of the company.”

Take a look at these living wills here.