Banking

US financial regulators have identified weaknesses in the plans submitted by Bank of America, Citigroup, Goldman Sachs and JPMorgan concerning their procedures for winding down operations in the event of bankruptcy.The Federal Reserve and Federal Deposit Insurance Corporation said on Friday that they found shortcomings in the “living wills” of these banks, particularly in regard to their derivatives portfolios. The FDIC deemed Citigroup’s plan “deficient”, while the Fed cited it for less severe “shortcomings”. Issues included unresolved data management problems and untested systems for unwinding derivatives trades.Both regulators identified minor issues...

Unlock the Editor’s Digest for freeRoula Khalaf, Editor of the FT, selects her favourite stories in this weekly newsletter.Brussels has accused Apple of stifling competition on its App Store, marking the first time EU regulators have used new digital rules on a Big Tech group.The European Commission has been gearing up for years to unleash the full authority of its new Digital Markets Act against Big Tech. The landmark rules were designed to help start-ups by forcing powerful “online gatekeepers” — most of whom are US companies — to open up their...