Top regulator: Bank 'living wills' aren't a cure-all

Welcome to the morning roundup. Here's a look at today's banking and finance headlines.

Bank living wills. Big banks are being asked to submit to regulators plans for how they can be quickly and cleanly liquidated, but FDIC Vice Chairman Thomas Hoenig said he doesn't support using the "living will" process to break them up, the Wall Street Journal reports. Nine of the biggest lenders must submit their initial living wills to the FDIC and Federal Reserve by July 1.

Euro banking. European Union leaders are set to discuss a plan for greater fiscal unity in the euro zone, including the creation of a finance ministry for the currency bloc, the New York Times reports. The talks will take place during a two-day summit of European leaders that begins Thursday.

Home prices. Residential real estate prices fell in April at the slowest pace in more than a year, according to the S&P/Case-Shiller index out this morning - an encouraging sign for the U.S. housing market, Bloomberg reports. The index of property values in 20 cities fell 1.9 percent that month from the same period in 2011, the smallest decline since November 2010. In Charlotte, home prices increased for the fifth straight month, the report found.

Job cuts. Credit Suisse is planning to cut more jobs in its European investment banking unit, the New York Times reports, citing a source familiar with the matter. The Swiss bank might reduce the workforce in that division by as much as 30 percent, the person said, part of a previously announced restructuring plan.

Stocks climb. Stocks rose modestly this morning after falling the day before, Reuters reports. Still, ongoing worries about the European debt crisis fueled only cautious buying.