“Goldman Sachs, Citigroup and Morgan Stanley would cease to exist under ‘living wills’ the banks have drawn up to show how they would handle bankruptcy in a crisis, but JPMorgan Chase, Bank of America and Wells Fargo would survive in stripped-down form.”

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“Dennis Kelleher of Better Markets, which lobbies for tougher regulation, said: ‘The acid test is not what these banks think they will look like after resolution. The acid test is whether these are in fact credible plans.’

‘In the past they have submitted plans with all sorts of provisions and conjectures, but they didn’t mean anything because they weren’t credible.'”

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Read the full Financial Times article by Barney Jopson and Ben McLannahan here.