Major Wall Street banks could shed assets, sell key business lines or enter into bankruptcy proceedings during times of severe market stress, and wouldn't have to be bailed out by taxpayers, a group of the 11 largest banks operating in the US told regulators in the latest round of "living wills," released Thursday.

The public portions of the plans, filed by banks with the Federal Reserve and Federal Deposit Insurance Corp., outline how individual banks would approaching winding themselves down in times of crisis without posing a broader risk to the economy. The banks, all of which have more than $250 billion in total US nonbank assets, filed the first versions of their living wills with regulators last year.