Fed: Banks could withstand 10% unemployment, 55% stock-price drop in stress test
The Federal Reserve Board on Thursday projected the potential for a rockier road ahead for banks than it did a year ago, but said the 33 financial institutions it reviewed passed its annual stress test of capital reserves.
Under these conditions, the aggregate common equity capital ratio — a cushion against losses — would fall by 2.7% to a minimum of 9.7%, which is twice the minimum requirement. In 2021, the projected drop in aggregate common equity capital ratio was 2.4%. The banking system also has limited exposure to losses in crypto markets and is expected to remain resilient despite upheaval in that sector, Fed officials said.
JPMorgan Chase declined by 1.1%, Goldman Sachs rose 0.6%, Citigroup fell 1.8% and Bank of America lost about 1.6%. The Financial Select Sector SPDR ETFS XLF, -0.38% retreated by 0.4%.
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