DFAST ’26 Felt More Like a Friendly Than a Final

Research evidence excerpt

DFAST ’26 Felt More Like a Friendly Than a Final

Financials | Brokers, Banks & Asset Managers

June 25, 2026

Glenn Schorr, CFA DFAST ’26 Felt More Like a Friendly Than a

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glenn.schorr@evercoreisi.com Final

John Pancari No red cards or yellow cards as the banks put up a clean sheet

212 497 0861 in this year’s stress test with the capital depletion the smallest in

john.pancari@evercoreisi.com DFAST history and most banks showing strong excess capital

John Dunn positions & capital return potential with more to come as the final

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John.Dunn@EvercoreISI.com capital rule changes play out. While the Fed held SCBs

Benjamin Rubin, CFA, CPA unchanged for next year, we did calculate what the implied

646-551-8502 SCBs would have been with 8 banks improving & only 2 getting

Benjamin.Rubin@evercoreisi.com worse. Not everyone has commented, but some of the large

Matthew Lyons, CFA banks upped dividends 10%-20% (but ~2% yields) and upped

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matthew.lyons@evercoreISI.com buyback programs and continue to have significant capital return

Sam Wardlow capacity. While expectations & the fixed SCB might make this a

212-653-9019 nothingburger, we thought at the margin MS and C came out

sam.wardlow@evercoreisi.com looking a little better and JPM and GS were a little less

Girard Sweeney good…but don’t expect outsized stock reactions.

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girard.sweeney@evercoreisi.com Amid the regional banks, CFG was most noteworthy - posting

Russ Anderson the most meaningful improvement in its implied stressed capital

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Russ.Anderson@evercoreisi.com buffer via lower stressed losses and higher PPNR. FITB and

KEY also screened well given solid improvement in implied

SCBs. On the specialty finance side, COF posted meaningful