Stress Tests Are Done: 10 Banks Must Raise $75B

By John Johnson,  Newser Staff
Posted May 7, 2009 4:26 PM CDT
Treasury Secretary Timothy Geithner, center, and Federal Reserve Chairman Ben Bernanke, right, in Geithner's office. At left, Comptroller of the Currency John Dugan.   (AP Photo/J. Scott Applewhite)
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(Newser) – It's official: The stress-test results are out, and the feds say 10 of the nation's 19 biggest banks need to raise a total of $75 billion in capital to weather a future downturn, the Wall Street Journal reports. The banks, five of which are regional, are:

  • Bank of America: $33.9 billion
  • Wells Fargo: $13.7 billion
  • GMAC LLC: $11.5 billion
  • Citigroup: $5.5 billion
  • Regions Financial Corp (Birmingham): $2.5 billion
  • SunTrust Banks (Atlanta): $2.2 billion

  • KeyCorp (Cleveland): $1.8 billion
  • Morgan Stanley: $1.8 billion
  • Fifth Third Bancorp (Cincinnati): $1.1 billion
  • PNC Financial Services Group (Pittsburgh): $600 million    
Treasury chief Timothy Geithner says he's "reasonably confident" the banks can raise the money, and Fed chief Ben Bernanke says the results should bring "reasonable comfort." The nine that don't need to raise capital: JPMorgan Chase, Goldman Sachs, MetLife, US Bancorp, Bank of New York Mellon Corp., State Street Corp., Capital One Financial Corp., BB&T Corp., and American Express Co.