US banks would lose US$410 billion ($621b) if there were another severe global recession, but would maintain enough capital to keep lending to companies and individuals, according to US regulators.

Eighteen of the country's largest banks all passed the first round of their annual stress tests on Friday, as Federal Reserve figures showed the US financial services industry is well-enough capitalised to weather a worst-case-scenario economic downturn.

The results will allow banks to continue making record dividend payouts, as long as they also pass a second round of tests next week, when the Fed will make a qualitative assessment of