2026 DFAST Takeaways: "Not a Game! We Talking About Practice!"

研报英文原文证据摘录

2026 DFAST Takeaways: "Not a Game! We Talking About Practice!"

Brokers, Asset Managers & Exchanges

2026 DFAST Takeaways: "Not a Game! We Talking June 24, 2026

About Practice!"

DFAST / SCB Trends Are Positive, but Results Hardly

Matter

2026 DFAST Results: Slightly Positive, but Hardly Matters. The Fed released 2026

bank stress test results - for a summary of results, please see our excel file available

here and key exhibits in the remainder of this report. Recall that this year's results Steven Chubak, CFA schubak@wolferesearch.com

will not inform capital requirements as the Fed has opted to keep SCBs unchanged (646) 582-9315

vs. those calculated with last year's stress test results. Therefore, results will not View Steven’s Research

View Comp Tableimpact capital requirements this year; however, we still went through the process of

calculating what SCBs would have been based on this year's results (note that our Darrin Peller

references to "pro forma SCBs" in the remainder of this report are based on estimates, dpeller@wolferesearch.com(646) 582-9310

while understanding that actual SCBs will not be updated). Pro forma SCBs declined View Darrin’s Research

by ~10bps on average across the banks in our coverage; however, as swings this year Sharon Leung

were quite modest, and will not influence capital results, share reactions will likely sleung@wolferesearch.com

be muted. (646) 582-9317

Derek Gonda

Results More Positive for MS, Citi. Pro forma SCBs declined by -60bps and -30bps dgonda@wolferesearch.com

YoY for MS and Citi, respectively, reflecting in part declines in trading / counterparty (646) 582-9326

losses, lower loan loss rates, and improvement in stressed PPNR. The latter was Cameron Dyer