Friday, May 08, 2009

Stress-test banks need to raise $75 billion.

(h/t Bailout Sleuth)

See the report, click here.

The Federal Reserve, the Federal Deposit Insurance Corp. and the Comptroller of the Currency said in their findings that 10 of the 19 banks it analyzed will be required to raise more capital.

The list of financial institutions that need more capital include Bank of America Corp., Wells Fargo & Co., Citigroup Inc., Morgan Stanley and GMAC LLC. Five regional banks, led by Regions Financial Corp., also must raise more cash.

Regulators say Bank of America will need to raise about $34 billion, and Wells Fargo will need roughly $14 billion.

The companies that were judged to need no additional capital included Goldman Sachs & Co., JPMorgan Chase & Co., U.S. Bancorp and American Express Corp.

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