The Federal Reserve found the largest US banks would lose more than $708bn in an economic collapse but remain above regulatory capital requirements, according to the central bank’s annual stress tests.
The Fed on Wednesday gave pass grades to the country’s 32 biggest banks — including JPMorgan Chase, Bank of America and Goldman Sachs — in its stress tests. The results allowed several Wall Street lenders to lift investor payouts.
The annual exercise started in 2009 and helped restore confidence in the banking sector after the financial crisis but in more recent years it has faced criticism for being increasingly formulaic.
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