Wall Street Warned by U.S. Regulators to Speed Up Libor Exit
- U.S. watchdogs on FSOC say delay threatens financial stability
- Fed’s Quarles declares Libor ‘over’ and admonishes laggards
Goldman Sachs headquarters in New York.
Photographer: Spencer Platt/Getty ImagesThis article is for subscribers only.
Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark.
From Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell, watchdogs made clear during a meeting of the Financial Stability Oversight Council that time is running out. The admonishment -- coming from the heads of all of the U.S.’s most powerful financial agencies -- marked a remarkably high-profile push to light a fire under banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc.