Goldman Sachs was the ‘worst hit' in the Fed's latest stress test of big banks. Bank of America still lists it as a buy [Fortune]
Bank of America Corporation (BAC)
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Source: Fortune
While the hypothetical recession showed that all banks were well protected against an actual recession, they fared worse on average than in last year's test. According to a Bank of America report out Thursday, the “worst hit” was Goldman Sachs , with a year-over-year increase of roughly 100 basis points in its stress capital buffer. Bank of America's analysts said this implies Goldman is exceeding the minimum requirement for globally important banks by approximately 60 basis points, meaning the firm has less excess capital compared with similarly sized peers. Columbus, Ohio-based Huntington Bank and New York-based Citigroup were among the best performing. Goldman shares were down about 2% to roughly $447 at 1:30 ET, but so far this year the investment bank's stock has been on a tear , up more than 15%. According to Bank of America, Goldman's earnings per share are expected to decrease by 3% as a result of slower than expected buybacks. But more optimistically, a near-term negati
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- Bank of America Comments on Stress Test Results; Plans to Increase Quarterly Dividend 8% to $0.26 Per SharePR Newswire
- France Leads European Stocks Lower in Shaky End to First Half [BNN Bloomberg (Canada)]BNN Bloomberg
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