All 31 of the largest US banks passed the Federal Reserve’s yearly so-called stress tests, satisfying regulators that they could withstand a theoretical scenario in which unemployment rose to 10 per cent during a severe recession.
The Fed on Wednesday said that under its baseline scenario banks including JPMorgan Chase, Goldman Sachs and Bank of America would lose nearly $685bn and suffer their biggest hit to capital in six years, but would still meet regulatory minimum standards.
The scenario involved a 40 per cent decline in commercial real estate prices, a substantial rise in office vacancies and a 36 per cent fall in house prices.
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