WASHINGTON: Big US banks sailed through the Federal Reserve's annual health check on Wednesday (Jun 28), in a vote of confidence for a sector still recovering from turmoil earlier this year and facing an uncertain economic outlook. The Fed's 'stress test' exercise showed lenders, including JPMorgan Chase,
WASHINGTON: Big US banks sailed through the Federal Reserve's annual health check on Wednesday , in a vote of confidence for a sector still recovering from turmoil earlier this year and facing an uncertain economic outlook.
"This is dangerous, misleading, incomplete, and results in false comfort," said Dennis Kelleher, president and CEO of the advocacy group Better Markets. The average capital ratio - a measure of the cushion banks have to absorb potential losses - for the country's eight"globally systemically important banks" stood at 10.9 per cent, up slightly from last year, according to a Reuters analysis.
Shares of major banks rose in extended trade following the Fed's upbeat report card, with Bank of America and Wells Fargo gaining around 2 per cent each, while JPMorgan and Charles Schwab both added more than 1 per cent. "Recognizing this year’s scenario was the most difficult on record, these outcomes are the best antidote to any lingering anxiety surrounding recent bank failures," said Lindsey Johnson, president and CEO of the Consumer Bankers Association.SPOTLIGHT ON REGIONAL LENDERS
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