The Federal Deposit Insurance Corporation and Federal Reserve Board have announced the results of their joint review of the 2023 resolution plans submitted by the eight largest and most complex banks. Weaknesses were identified in the plans from Bank of America, Citigroup, Goldman Sachs, and JPMorgan Chase, while the other banks' plans were deemed acceptable. These resolution plans, also known as living wills, outline a bank's strategy for orderly resolution in the event of financial distress or failure. The agencies have classified the weaknesses in Bank of America, Goldman Sachs, and JPMorgan Chase's plans as "shortcomings," questioning their feasibility. Citigroup's plan was found to have a "deficiency" by the FDIC but only a shortcoming by the Federal Reserve Board. Remedial actions are required for the identified weaknesses, with plans for improvement due by July 1, 2025, including addressing contingency planning and foreign government actions.