The nation's biggest banks are dealing with stress from all sides as they’re pressured to help shield consumers, businesses and other financial firms from a wave of economic pain that has already begun to hit amid the coronavirus pandemic
The nation's biggest banks, which were at the epicenter of the 2008 financial crisis, are facing a new set of daunting challenges with markets in turmoil over the coronavirus pandemic.
That means the banks will be tested on how well they’ve prepared for a global shock to the economy that no one saw coming. For their part, the megabanks are trying to project strength. In a March 11 meeting with President Donald Trump at the White House, Citigroup CEO Michael Corbat said the financial system is “in sound shape, and we are here to help.”
The largest banks have also successfully weathered the Federal Reserve’s so-called stress tests, which require them to show every year how they would manage risks under a hypothetical severe recession. The exercise was launched in 2009 in the depth of the crisis to help restore confidence in the banking system.
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