Eight years after the Great Recession, the top eight “systemically important, domestic banking institutions” in the U.S. are still not ready to cope with the aftermath of another financial crisis. The banks had been asked to submit plans to show how, if crisis struck, they would wind down in an orderly manner that does not necessitate government bailouts or cause panic in the financial system.

That was the upshot of findings jointly released on April 13 by the U.S. Federal Reserve and the Federal Deposit Insurance Corporation (FDIC). The two agencies found the resolution plans – called “living wills” — filed by five banks as “not credible.” They differed on the readiness of two other banks.…