The US Federal Reserve has approved revised capital plans of the Goldman Sachs Group and JPMorgan Chase for 2013.
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During its 2013 Comprehensive Capital Analysis and Review (CCAR), the Fed urged the financial institutions to submit new plans addressing weaknesses identified in their capital planning processes.
JPMorgan CEO Jamie Dimon, in a statement, said, "We are pleased that the Fed determined that our CCAR process improvements met their expectations."
Guggenheim Securities bank analyst Marty Mosby told Bloomberg, "Though this is more of a procedural holdover from the 2013 CCAR, it just reassures JPMorgan investors that while there were significant overhang issues, and still are to a degree, there is still a base of capital and risk management that regulators generally believe is more than adequate."
The CCAR is an annual review to ensure that large financial institutions have forward-looking capital planning processes that account for their risks, and to help ensure that they have sufficient capital to continue operations throughout times of economic and financial stress.
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