Business

The Federal Reserve released the results of its annual stress tests, which assess how banks would cope with a severe global recession and meltdown in the property market. All 31 of the banks, including Bank of America, JPMorgan Chase and Wells Fargo, passed the Fed’s baseline scenario, meeting their minimum capital ratios, though the aggregate ratio, a cushion against losses, fell from 12.7% to 9.9%. The bank’s combined hypothetical losses reached $685bn.