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The German lender suffered from "widespread and critical deficiencies" in parts of its business, the Fed said. Goldman Sachs and Morgan Stanley were only granted "conditional" passes. But 31 of the 35 banks tested were given the all-clear. Stress tests were introduced in the wake of the 2008 financial crisis and every year America's central bank, the Federal Reserve, puts the country's banks, including foreign subsidiaries operating in the country, through their paces. The Fed measures whether banks are holding sufficient capital to cope with a recession and in the second part of the process it focuses on banks' "capital plans" such as how much cash they intend to return to shareholders. However this is the first year that the results of the US units of foreign banks have been publicly released. All of the 35 largest banks subject to the tests passed the first part of the tests last week. But the Fed found Deutsche Bank's US arm had "material weaknesses in the firm's data capabilities and controls supporting its capital planning process, as well as weaknesses in its approaches and assumptions used to forecast revenues and losses under stress". The verdict is another blow for the troubled German lender whose financial health has been under the spotlight recently. And it will require the bank to make changes to the way it operates in the US. Goldman Sachs and Morgan Stanley were given passes, but will not be permitted to increase the amount they return to shareholders beyond levels in line with the last couple of years, in order to bolster their capital cushions. The Fed said it was also granting a conditional pass to Boston-based State Street, which will be required to take additional steps to manage and analyse its exposure to losses. Last year was the first time all banks passed the second round of the tests. The second part of the tests is closely watched because it determines how much firms can return to shareholders in the form of items like share buybacks and dividends. 'One-off event' The Fed said it had granted the conditional pass to Goldman and Morgan Stanley because the companies' results had been skewed by tax changes passed last year. The tax overhaul lowered the corporate rate from 35% to 21%, but led to larger-than-usual one-off tax bills for many banks, as a result of other changes to how losses and overseas profits are taxed. "This one-time reduction does not reflect a firm's performance under stress and firms can expect higher post-tax earnings going forward," the Fed said. Despite the restrictions, Goldman will still be permitted to spend up to $6.3bn on share buybacks and dividends this year. Morgan Stanley said it planned to return $6.8bn to shareholders. Making progress The decision is the latest blow for troubled Deutsche Bank. Last month the firm announced more than 7,000 job cuts and its credit rating was cut by Standard & Poor's. The bank reported an annual loss of €500m (£438m) at the end of February. Deutsche said its US division had "made significant investments to improve its capital planning capabilities as well as controls and infrastructure." "Deutsche Bank USA continues to make progress across a range of programmes and will continue to build on these efforts and to engage constructively with regulators to meet both internal and regulatory expectations," the bank said. The bank will be required to improve its operations, risk management and governance as a result of the test-failure. It will not be able to make distributions to its German parent firm without the Fed's approval.
Deutsche Bank's US unit fails Fed's stress test

The company said the decision followed a review of its North Sea business - and would give it more flexibility. However, the firm said the final number of redundancies could be reduced with potential opportunities for some workers to move abroad while others could be moved back from overseas. Despite the cuts the firm said it was still committed to its UK operation. Chevron said it would continue to invest in major projects such as the Rosebank in Shetland, which is estimated to hold as much as 240 million barrels of oil. A spokesperson said: "Chevron is reorganising its business unit in Aberdeen. "We are hoping to reduce the number of redundancies through other global opportunities for employees, repatriating expatriates, so the exact number of redundancies is unknown."
Oil firm Chevron to cut 225 jobs from Aberdeen facility

A sign bearing Colston's name was removed from the office block in June. It came after protesters pulled down a statue of the merchant in the city centre during a Black Lives Matter demonstration. Changes have also been announced for Colston's Girl's School and the Colston Hall, now called Bristol Beacon. Investment firm AEW, which owns the high-rise block on Colston Street, said: "Having taken the time to carefully review our options regarding the future naming of the building, we will be consulting with our tenants over the coming weeks with a view to having a new name by the end of the year." Since Colston's statue was toppled and thrown into Bristol's harbour, the city has been examining its historical links with the slave trade. Last month, Colston's Girls' School voted to change its name, with 75% of staff and students in favour after a consultation. A new name is yet to be announced. And in September the Colston Hall, an arts venue in the city centre, announced it would change its name to Bristol Beacon. The statue of Colston was retrieved from the harbour four days after the protests. It has since been preserved and is expected to be given a new home in a city museum. On his death in 1721, Colston bequeathed his wealth to charities in the city. As a result, many of the city's street names and landmarks bear his name. Follow BBC West on Facebook, Twitter and Instagram. Send your story ideas to: bristol@bbc.co.uk

Edward Colston: Bristol tower renamed by 'end of the year'

