The US Federal Reserve further loosened restrictions on dividends and buybacks by America’s biggest banks as it released an analysis showing the lenders could suffer almost $500bn in losses and still comfortably meet capital requirements.
Twenty-three banks, including JPMorgan Chase and Goldman Sachs, underwent “stress tests” by the Fed that modelled the financial damage from a series of doomsday scenarios. These included a US stock market crash, a steep drop in economic output, and substantial distress in commercial real estate.
The results, released on Thursday, will pave the way for billions of dollars in stock buybacks and dividends, which bank investors have been eagerly anticipating.
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