The Federal Reserve says 15 of the country's top 19 banks have enough capital to survive a "severe recession," which it defined as "peak unemployment rate of 13 percent, a 50 percent drop in equity prices, and a 21 percent decline in housing prices."

Reuters reports:

"The regulator said Citigroup, Ally Financial and SunTrust banks fared worst under the supervisory stress ratios, with Tier 1 common capital ratios of 4.9 percent, 4.4 percent, and 4.8 percent, respectively.

"The bank holding companies that came out top were Bank of New York Mellon with a Tier 1 common capital ratio of 13.1 percent under the hypothetical financial shock, State Street Corp with 12.5 percent and American Express with 10.8 percent. Bank of America came in with 6.2 percent, and JPMorgan's result was 5.9 percent."

The full report is here.

Update at 4:46 p.m. ET. Citigroup, SunTrust Banks Fail:

Citigroup, the country's third-largest bank "failed to meet the Federal Reserve's minimum requirements in a stress test when examiners considered the effects of the bank's plan for managing capital," reports Bloomberg.