Copycat living wills may see dealers avoid US fines

The similarities in the resolution plans of the world’s largest banks could make it difficult for regulators to single out any individual firm for sanctions

Safety in numbers: at least 111 of the 139 banks that will file resolution plans this year have farmed out the task to one of three New York-based law firms

Each spring, vast herds of wildebeest march across the African Serengeti in an annual spectacle dubbed the Great Migration. Sheer numbers are their best defence against the predators that relentlessly stalk them through the long, yellow grass, waiting to pounce on those who stray too far from the safety of the pack.

The world's largest banks seem to be following a similar approach when they submit their annual resolution plans – commonly known as living wills – to the US Federal Reserve Board