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More than five years after the financial crisis struck, the biggest U.S. banks are better able to withstand a severe recession than at any time since the meltdown, the Federal Reserve has determined.The results showed continued improvement in banks' financial positions since the 2008 crisis, the Fed said.The 30 banks tested included Bank of America Corp., Citigroup Inc., JPMorgan Chase & Co. and Wells Fargo and Co.That's down from projected losses of $462 billion in last year's tests – even with a much larger number of banks.The bank said that it will resubmit its capital plan to the Federal Reserve.The Fed concluded last March that Wall Street powerhouses JPMorgan Chase & Co. and Goldman Sachs Group Inc. needed better plans for coping with a severe downturn and gave the banks until September to revise them.At the same time, the Fed approved requests outright from 14 of the 18 banks tested, including Bank of America, Citigroup, Morgan Stanley and Wells Fargo.Next Wednesday, the Fed will announce whether it has approved each bank's request, if one has been made, to raise dividends for shareholders.
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