Big banks make it through stress tests, investors await cash release

Morgan Stanley Barclays Goldman Sachs JPMorgan Credit Suisse Citigroup and Bank of A

In the first part of its annual tests, the Fed said 34 of the largest USA banks have significantly bolstered their defenses since the 2008 crisis.

The Fed said that overall, the 34 banks "have strong capital levels and retain their ability to lend to households and businesses during a severe recession".

The 34 largest banks in the USA have money on hand to withstand a severe recession, the U.S. central bank said on Thursday.

"This would allow them to lend throughout the economic cycle and support households and businesses when times are tough", he said. Since 2009, the 34 firms have added more than $750 billion in common equity capital. Thanks to their larger store of capital, banks are able to shoulder financial losses, like heightened stress in the corporate loan markets or commercial real estate.

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BB&T Corp. projected Thursday it would experience an overall $2.6 billion revenue loss if the US economy were to go through a severe downturn during a 2½-year period ending March 31, 2019.

The banks have built up deeper cushions against such a downturn since the 2008 financial crisis, and would maintain a 9.2% ratio of capital as a share of assets under such a scenario, the Fed said.

They are: Ally Financial, American Express, BancWest, Bank of America, Bank of New York Mellon, BB&T, BBVA Compass, BMO Financial, Capital One, Citigroup, Citizens Financial, Comerica, Deutsche Bank, Discover, Fifth Third, Goldman Sachs, HSBC, Huntington Bancshares, JPMorgan, KeyCorp, M&T, Morgan Stanley, MUFG Americas Holdings, Northern Trust, PNC, Regions Financial, Santander Holdings, State Street, SunTrust, TD Group, U.S. Bancorp, Wells Fargo and Zions Bancorp.

The participating banks represent more than 75 per cent of the assets of all domestic bank holding companies, according to the Fed.

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The results of the CCAR - in which banks' buyback and dividend plans are evaluated - are set for release after the market close on Wednesday. Last year, during a second phase examining proposals to pay out capital to shareholders, the bank was forced to resubmit its plan to address a "material weakness".

Earlier this month, Trump's Treasury Department released a 150-page report calling for far-reaching changes to Dodd-Frank.

"We see today's.stress test results as a positive for Trump administration efforts to deregulate the banks", said Jaret Seiberg, a policy analyst with Cowen & Co. "From this solid foundation, the focus should now turn to what can be done to help US banks promote economic growth even further".

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