WASHINGTON -- Nine of the largest U.S. banks have submitted outlines for how the government could break up and sell off their assets if they are in danger of failing.
The Federal Deposit Insurance Corp. released summaries of the "living wills" Tuesday for Bank of America, Barclays, Citigroup, Credit Suisse, Deutsche Bank, Goldman Sachs, JPMorgan Chase, Morgan Stanley, and UBS.
The plans were required under the 2010 financial overhaul, which gave regulators the power to seize and dismantle banks that threaten the broader financial system. The government is trying to prevent another situation in which taxpayers are asked to provide bailouts to banks, which is what happened during the 2008 financial crisis.
More than 100 other banks are required to submit the outlines by the end of next year.