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Stress test results corrected

On Friday, the Federal Reserve Board released corrected stress test results stemming from an error in projected trading losses and as a result, revised the capital requirements for two banks. The Board identified the error and all results affected by it, corrected those results, and implemented changes to prevent similar errors in the future.

The loss rates for certain public welfare investments made by large banks were initially miscalculated, resulting in an overestimation of hypothetical losses for those investments. The error affected five banks: Citigroup Inc., The Goldman Sachs Group Inc., HSBC North America Holdings Inc., Morgan Stanley, and Wells Fargo & Company. The resulting common equity tier 1, or CET1, capital requirements for three firms were unaffected, while the CET1 capital requirements for Goldman Sachs and Morgan Stanley were revised.

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