Credit Suisse was the only Wall Street firm that didn't sail through the Federal Reserve's annual stress test.
The U.S. division of Zurich-based Credit Suisse has to fix problems the Fed found in its capital planning processes by Oct. 27, according to the Federal Reserve. Specifically, the Fed found weaknesses tied to assumptions the bank made for trading losses under a stress scenario. Credit Suisse has to keep its capital distributions at the 2018 level until it satisfies the Fed.
Apart from Credit Suisse, every bank won approval to boost shareholder payouts under the capital plans they submitted. Credit Suisse received a conditional non-objection, which is theGoldman Sachs and Morgan Stanley got last year. In the 2018 tests, the two U.S. investment banks fell below minimum capital levels under a stressed scenario.
And overall, the results show a resilient banking industry compared to the depths of the financial crisis a decade ago, when the U.S. had to bail out lenders. The industry has bolstered the rigor of its planning for worst-case scenarios and more than doubled the capital it has to absorb losses to about $800 billion, according to the Fed.
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