Ten US banks need to raise $74.6 bn in capital
US regulators said 10 of the top 19 banks will need to raise a total of USD 74.6 billion in capital over the next six months. The USD 74.6 billion amount was smaller than what some analysts had estimated the results of the bank stress test to be.
Bank of America had the largest need at USD 33.9 billion. Citigroup needs USD 5.5 billion, Wells Fargo USD 13.7 billion, Morgan Stanley USD 1.8 billion, GMAC USD 11.5 billion, Regions Financial USD 2.5 billion. In addition, Wells Fargo was found to need USD 13.7 billion.
Four banks – including Bank of America and Citibank – announced new or expanding stock offerings as a result of the stress tests.
Banks needing captial
Bank of America $33.9 billion
Wells Fargo $13.7 billion
GMAC $11.5 billion
Citigroup $5.5 billion
Morgan Stanley $1.8 billion
Banks with no capital needs
JPMorgan Chase
Goldman Sachs
State Street
US Bancorp
Bank of New York Mellon
Tags: bank of america, Bank of New York Mellon, Citigroup, GMAC, Goldman Sachs, Morgan Stanley, stress test, Wells Fargo
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