Top 33 banks pass first stage of US stress tests

Washington (AFP) – Thirty-three large US and foreign banks passed the first stage of annual stress tests to test their financial mettle in crises, the Federal Reserve reported Thursday.

While the banks registered “substantial losses” in hypothetical scenarios of both severe and extremely severe economic downturns, the Fed said that in the aggregate the 33 had stronger balance sheets and better credit quality than a year ago.