Wells Fargo Said U.S. Banks' Exposure to PIIGS Is Benign, JP Morgan (JPM) Has Most at $36.3B (MS, GS)

Wells Fargo Securities put together a report of U.S. banks exposure to the PIIGS (Portugal, Italy, Ireland, Greece, and Spain), saying it is basically "benign."

In total, U.S. banks held $236.8B in risk exposure to the five troubled sovereigns, or 7.7% of the sector's total foreign exposure, the firm said.

Exposure to Greece is lower than exposure to Italy, Ireland and Spain. In the report the firm notes, "US banks are most exposed to Italy, with country risk claims totaling $74.8B, followed by Ireland at $70.9B and Spain at $66.4B. Meanwhile, Greece, the most scrutinized of the five distressed sovereigns, is a lesser concern with $18.1B in exposure."

Regulatory data suggests JP Morgan's (NYSE: JPM) exposure is largest in aggregate, but Morgan Stanley (NYSE: MS) held the largest aggregate exposure to the PIIGS relative to Tier 1 capital.

JP Morgan's exposure is $36.3 billion, Morgan Stanley is $32.4 billion. Additionally, Goldman Sachs (NYSE: GS) is listed with a $10.2 billion exposure to Ireland.

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