Banks Need to Raise $75 Billion

The results of the bank stress tests were released on Thursday. It was revealed that 10 out of 19 tested need to raise a total of $74.6 billion in capital. Leading the list was Bank of America, which need to raise $33.9 billion. Next on the list was Wells Fargo ($13.7 billion) and GMAC ($11.5 billion), rounding out the top three.

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Now that the results of the tests are public, the 10 banks have until June 8, 2009 to tell regulators in a detailed plan how they intend to raise the capital. At that point, they will have six months to carry out their plans.

Officially know as the Supervisory Capital Assessment Program (SCAP), the stress tests involved an assessment by the Federal Reserve as well as other bank supervisors of the capital held by the 19 largest U.S. banks.

Here are the results for all 19 banks:

• Bank of America – $33.9 billion
• Wells Fargo – $13.7 billion
• GMAC – $11.5 billion
• Citigroup – $5.5 billioin
• Regions – $2.5 billion
• SunTrust – $2.2 billion
• Morgan Stanley – $1.8 billion
• KeyCorp – $1.8 billion
• Fifth Third Bancorp – $1.1 billion
• PNC – $0.6 billion

Banks Needing $0 Capital

• American Express
• BB&T
• Bank of New York Mellon
• Capital One
• Goldman Sachs
• JP Morgan
• MetLife
• State Street
• U.S. Bancorp