Big Banks Fail Living Will Test As GAO Report Questions Transparency

As many as four of the eight largest U.S. banks are expected to fail their living will test, including J.P. Morgan Chase & Co., The Wall Street Journal reported. The news comes as a Government Accountability Office report claims regulator secrecy in evaluating the living wills “could undermine public and market confidence.” UPDATE from Bloomberg JPMorgan Chase & Co., Bank of America Corp. and three other major U.S. banks failed to persuade regulators they could go bankrupt without disrupting the financial system and could now face a tighter leash from Washington after government agencies used one of the most significant post-crisis powers bestowed…