This year’s stress test included JPMorgan Chase and Goldman Sachs, credit card companies including American Express and regional lenders like Truist.
The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario.
This year's stress test included giants like JPMorgan Chase and Goldman Sachs, credit card companies including American Express and regional lenders like Truist.said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations.
"This year's results show that under our stress scenario, large banks would take nearly $685 billion in total hypothetical losses, yet still have considerably more capital than their minimum common equity requirements," said, the Fed's vice chair for supervision."This is good news and underscores the usefulness of the extra capital that banks have built in recent years.
"While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said."The financial system and its risks are always evolving, and we learned in the Great Recession the cost of failing to acknowledge shifting risks."
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