Reports 10 of 19 Top Banks Need To Boost Capital Levels
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According to reports from the Wall Street Journal, 10 of the 19 banks being subjected to the government's stress test will need to boost their capital cushions, according to several people familiar with the matter.
The exact number of banks and how much is needed remains under discussion, but the list of those that could need extra capital could include Bank of America (NYSE: BAC), Wells Fargo (NYSE: WFC), and Citigroup (NYSE: C), among others.
The report said at one points officials believed as many as 14 banks would need to raise more funds, but that number has fallen in recent days.
Goldman Sachs Group (NYSE: GS) and J.P. Morgan Chase (NYSE: JPM) are expected to have adequate capital levels and both have expressed interest in paying back the TARP money they've taken.
Recently analysts at Keefe, Bruyette and Woods issued results of their own stress test showing the banks they believe would need more capital. Some on that list include Fifth Third (Nasdaq: FITB), KeyCorp (NYSE: KEY), PNC Bank (NYSE: PNC), Regions Financial Corp. (NYSE: RF) and SunTrust Banks, Inc. (NYSE: STI).
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