Stress Tests - The Results
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So, as a result, 10 firms are required to raise an additional $74.6bn in capital. The institutions which are required to raise additional capital will be given a month to provide the US Treasury and the Federal Reserve with their plans. The capital will need to be raised within a further 6 months. US authorities are hopeful that the firms will be able to raise the capital privately, either through new stock offerings or converting preference shares to common equity. Another alternative is to sell assets to beef up the balance sheet.
Here are the results:
American Express - no capital required
Bank of America - $33.9bn
Bank of New York Mellon - no capital required
BB&T - no capital required
Capital One Financial - no capital required
Citi - $5.5bn
Fifth Third - $1.1bn
GMAC - $11.5bn
Goldman Sachs - no capital required
JPMorgan Chase - no capital required
KeyCorp - $1.8bn
MetLife - no capital required
Morgan Stanley - $1.8bn
PNC Financial - $600m
Regions Financial - $2.5bn
State Street - no capital required
Sun Trust - $2.2bn
US Bancorp - no capital required
Wells Fargo - $13.7bn
Citi is to convert $5.5bn of preferred stock to common, Morgan Stanley is to raise $5bn by selling equity and bonds, and Wells Fargo plans a $6bn common stock offering. Bank of America has already sold $3bn of 5-year notes - without the support of the FDIC.
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