Dodd-Frank Act Stress Test 2015: Supervisory Stress Test Methodology and Results
Errata
The Federal Reserve revised this paper on March 11, 2015, to reflect corrected data received from four bank holding companies after the original publication of this paper on March 5, 2015. The corrections relate to risk-weighted assets for the third quarter of 2014, which impacted the calculation of their starting tier 1 common capital ratios and by extension their post-stress minimum and ending tier 1 common capital ratios in the severely adverse and adverse scenarios. No other capital ratios are affected by the corrected data. The revisions are listed below.
On p. 2, under Executive Summary, the latter portion of the penultimate sentence has been revised from "...before rising to 11.6 percent in the fourth quarter of 2016" to "...before rising to 11.7 percent in the fourth quarter of 2016."
On p. 20, under Table 2:
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 8.2 to 8.3.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 9,141.2 to 9,103.4.
On p. 21, under Table 3:
- American Express Company, Tier 1 common ratio (%), Ending has been revised from 15.4 to 15.5.
- American Express Company, Tier 1 common ratio (%), Minimum has been revised from 12.5 to 12.6.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Actual has been revised from 14.4 to 15.2.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Ending has been revised from 9.3 to 9.9.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Minimum has been revised from 6.3 to 6.7.
- State Street Corporation, Tier 1 common ratio (%), Actual has been revised from 13.7 to 13.9.
- State Street Corporation, Tier 1 common ratio (%), Ending has been revised from 14.1 to 14.3.
- State Street Corporation, Tier 1 common ratio (%), Minimum has been revised from 11.8 to 12.0.
- Wells Fargo & Company, Tier 1 common ratio (%), Ending has been revised from 7.5 to 7.6.
- Wells Fargo & Company, Tier 1 common ratio (%), Minimum has been revised from 7.5 to 7.6.
- 31 participating bank holding companies, Tier 1 common ratio (%), Minimum has been revised from 8.2 to 8.3.
On p. 29, under "Stressed Capital Ratios and Risk-Weighted Assets," the latter portion of the second sentence has been revised from "...and to be 0.3 percentage points lower at the end of the planning horizon" to "...and to be 0.2 percentage points lower at the end of the planning horizon."
On p. 31, under Table 7:
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 11.6 to 11.7.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 9,468.8 to 9,430.4.
On p. 32, under Table 8:
- American Express Company, Tier 1 common ratio (%), Ending has been revised from 17.4 to 17.5.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Actual has been revised from 14.4 to 15.2.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Ending has been revised from 13.8 to 14.5.
- The Goldman Sachs Group, Inc., Tier 1 common ratio (%), Minimum has been revised from 12.2 to 12.9.
- State Street Corporation, Tier 1 common ratio (%), Actual has been revised from 13.7 to 13.9.
- State Street Corporation, Tier 1 common ratio (%), Ending has been revised from 17.3 to 17.5.
- State Street Corporation, Tier 1 common ratio (%), Minimum has been revised from 12.7 to 12.8.
- Wells Fargo & Company, Tier 1 common ratio (%), Ending has been revised from 9.9 to 10.0.
- Wells Fargo & Company, Tier 1 common ratio (%), Minimum has been revised from 9.7 to 9.8.
- 31 participating bank holding companies, Tier 1 common ratio (%), Ending has been revised from 11.6 to 11.7.
On p. 68, under Table C.2.A.:
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 15.4 to 15.5.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 12.5 to 12.6.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 133.2 to 132.6.
On p. 69, under Table C.2.B.:
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 17.4 to 17.5.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 138.0 to 137.4.
On p. 94, under Table C.15.A.:
- Tier 1 common ratio (%), Stressed capital ratios, Actual has been revised from 14.4 to 15.2.
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 9.3 to 9.9.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 6.3 to 6.7.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 489.4 to 463.8.
On p. 95, under Table C.15.B.:
- Tier 1 common ratio (%), Stressed capital ratios, Actual has been revised from 14.4 to 15.2.
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 13.8 to 14.5.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 12.2 to 12.9.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 496.0 to 470.0.
On p. 118, under Table C.27.A.:
- Tier 1 common ratio (%), Stressed capital ratios, Actual has been revised from 13.7 to 13.9.
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 14.1 to 14.3.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 11.8 to 12.0.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 96.4 to 95.2.
On p. 119, under Table C.27.B.:
- Tier 1 common ratio (%), Stressed capital ratios, Actual has been revised from 13.7 to 13.9.
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 17.3 to 17.5.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 12.7 to 12.8.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 100.4 to 99.2.
On p. 124, under Table C.30.A.:
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 7.5 to 7.6.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 7.5 to 7.6.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 1,265.8 to 1,255.4.
On p. 125, under Table C.30.B.:
- Tier 1 common ratio (%), Stressed capital ratios, Ending has been revised from 9.9 to 10.0.
- Tier 1 common ratio (%), Stressed capital ratios, Minimum has been revised from 9.7 to 9.8.
- Risk-weighted assets (billions of dollars), Projected 2016:Q4, General approach has been revised from 1,319.2 to 1,308.6.
The revisions to the tier 1 common ratios listed above are also reflected in figures 10 and 15, which are on pages 23 and 34, respectively.