US regulators told 10 of the top 19 banks Thursday to raise a total of $74.6 billion in capital over the next six months to cushion against any worsening of the deepest recession in decades.
The results of bank "stress tests"—which involved more than 150 regulatory officials poring over the books of the 19 largest financial firms—effectively drew a line between healthy and weak, and quantified exactly how much those institutions struggling under the weight of souring loans must raise.
The bank reviews, led by the Federal Reserve, showed 10 banks needed additional capital to withstand heavier losses that would likely come if the recession worsened.
Bank of America had the largest need at $33.9 billion, while Citigroup needed $5.5 billion. In addition, Wells Fargo was found to need $13.7 billion and GMAC $11.5 billion.
Morgan Stanley will need to raise $1.8 billion and Regions Financial needs $2.5 billion.
Other big banks do not need to raise any capital, including Bank of New York Mellon, American Express, Capital One Financial, Goldman Sachs Group, JPMorgan Chase, MetLife and State Street. Click here for full results. more...
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