The Federal Deposit Insurance Corporation and the Federal Reserve jointly failed the plans, commonly called "living wills", of Bank of America Corp , Bank of New York Mellon Corp , J.P. Morgan Chase & Co , State Street Corp and Wells Fargo & Co .The three remaining large, systemically important banks – Goldman Sachs Group Inc , Morgan Stanley and Citigroup Inc – did not fare much better, but sidestepped potential sanctions as they were not given joint determinations.The following is a summary of the deficiencies highlighted by the regulators and the amendments the asked for to the "living wills" at each of the eight banks:WELLS FARGO:Governance:Wells Fargo's resolution planning governance is deficient, which put into question if the bank could execute its "living will".Operational:The lender has to identify all critical services necessary to support its material entities and regional units.Legal Entity Rationalization:The plan lacks clarity on whether the bank's legal structure could facilitate the execution of its strategy.MORGAN STANLEY:Liquidity:Morgan Stanley does not have an appropriate model and process for estimating and maintaining sufficient liquidity at, or readily available to, its material entities.Derivatives and trading activities:The plan should include hedging costs associated with actively winding down its trading portfolio and provide more details on the size and composition of the portfolio.Governance Mechanisms:A shortcoming was found regarding the governance mechanisms necessary to facilitate a timely execution of the planned funding and recapitalizations of certain material entities.GOLDMAN SACHS:Liquidity:Goldman's plan does not detail the specific level of liquidity needed by each material entity to operate.Derivatives and trading activities:The plan lacks details regarding the winding down of its derivatives portfolio.Governance Mechanisms:The mechanisms necessary to facilitate a timely execution of the planned funding and recapitalizations of subsidiaries was identified as a shortcoming.Operational:The bank needs to conduct a preparedness test to ensure that operational aspects of a resolution could be carried out in a timely manner.JPMORGAN:Liquidity:JPMorgan does not have appropriate models and processes for estimating and maintaining sufficient liquidity at, or readily available to, its material entities.Legal Entity Rationalization:The bank should provide specific analysis regarding the recapitalization under a range of failure scenarios.Derivatives and trading activities:The company's trading activities are deficient.Governance Mechanisms:The bank has not demonstrated adequate governance mechanisms for the timely execution of its resolution strategy.BANK OF AMERICA:Liquidity:BofA does not have a suitable model and process for estimating and maintaining sufficient liquidity at, or readily available to, its material entities.Governance Mechanisms:The plan does not include triggers to inject capital and liquidity into the bank's material entities.Derivatives and trading activities:The firm's plan to wind down its derivatives portfolio was found to be deficient.CITIGROUP:Governance Mechanisms:The regulators identified a shortcoming regarding Citigroup's governance mechanisms necessary to facilitate a timely execution of the planned funding and recapitalization of its subsidiaries.Derivatives and trading activities:A shortcoming was found in the bank's plan to wind down derivatives positions in its non-core businesses.Liquidity:The plan does not indicate that the company had developed a process to fully estimate the amount of minimum operating liquidity.BANK OF NEW YORK MELLON:Operational:The bank's strategy to address continuation of critical operations in resolution is deficient.Legal Entity Rationalization:The bank's legal entity structure has deficiencies.STATE STREET:Operational:The bank needs to identify all critical services and maintain a mapping of how and where these services support its core business lines.Legal Entity Rationalization:The plan must include an adequate framework for determining when the benefits of resolution planning outweigh increasing complexity.Capital:The methodology used to determine the capital needed by material entities at the point of resolution to support the execution of the resolution strategy is deficient.Liquidity:The bank does not have a proper model and process for estimating its liquidity needs to fund material entities. (Reporting by Nikhil Subba in Bengaluru; Editing by Savio D'Souza)