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The Federal Reserve (Fed) and the Federal Deposit Insurance Corporation (FDIC) have tossed out big bank plans to wind themselves up in a disaster situation, citing a string of failures in preparing the "living wills" which are supposed to guide regulators when a systemic firm goes down.
Bank of America, Bank of New York Mellon, JP Morgan, State Street and Wells Fargo will all have to revisit their plans and fix the problems by...