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June 24, 2019

Fed says largest banks would survive crisis, in latest tests

AP Business Writer

NEW YORK — All 18 of the nation's largest and most complex banks are strong enough to withstand a severe economic downturn and would be able to stay in business without collapsing, the Federal Reserve said Friday.

The results are from the first round of the central bank's annual stress tests, which showed the 18 big banks have benefited from an improving economy and have balance sheets strong enough to withstand a deep global downturn and the U.S. unemployment rate rising to double digits.

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