Fed Releases Stress Test Results: Most Banks Fine, Citigroup Fails
At 4:30, the Federal Reserve released the results of its stress test.
The test was based off a 50% decline in stock prices, unemployment of 13% and a decline in home prices of over 20%.
The Fed stated that the majority of banks would hold up fine, but four banks failed in one or more areas: Metlife (NYSE: MET), Ally Financial (NYSE: ALLY-PB), SunTrust (NYSE: STI) and Citigroup (NYSE: C).
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