In mid-December, the Bank of England (BoE) and the United States Federal Deposit Insurance Corporation (FDIC) announced what seemed like a breakthrough, at least concerning the major banks headquartered in the US or the UK – that is, 12 of the 28 institutions regarded by the Financial Stability Board as globally systemic. In their case, a resolution authority, in London or Washington, would take control of the parent company, remove senior management, and apportion losses to shareholders and unsecured creditors.