Fed says bank plans to boost capital should be sufficientJune 8th, 2009 Fed says bank plans for capital look sufficientWASHINGTON — The Federal Reserve says plans submitted by 10 banks to bolster their capital cushions are enough to help them survive a deeper recession. The plans "if implemented, would provide sufficient capital to meet the required buffer," the Fed says.
16 of 19 stress-tested banks raise $75.2B in capital since early May, mostly by selling stockJune 8th, 2009 Stress-tested banks raise $75.2 billion in capitalSixteen of the 19 large banks that underwent government stress tests last month have raised more than $75 billion in capital, either because regulators required it or because the banks want to return federal bailout funds. Banks have also been issuing debt to prove to officials that they can finance operations on their own.
US Bancorp, Capital 1, BB&T plan common stock offerings to repay gov't fundsMay 11th, 2009 3 banks plan stock offerings to repay gov't fundsNEW YORK — Three banks that have received a clean bill of health from the government have announced plans to raise capital to help repay government funds received last fall. U.S. Bancorp, Capital One Financial Corp.
"Stress tests" show Cleveland-based KeyCorp needs $1.8B in new capital if recession worsensMay 9th, 2009 "Stress tests": Ohio's KeyCorp needs $1.8BCLEVELAND — Results of the federal government's "stress tests" of the nation's largest regional banks show Cleveland-based KeyCorp needs to raise $1.8 billion in new capital to withstand losses if the recession gets worse. Cleveland-based KeyCorp said Thursday it wants to raise capital from private sources over the next six months.
US banks turn to investors after 'stress tests' findingsMay 9th, 2009 WASHINGTON - Major US banks turned to private investors Friday in the hopes of finding $75 billion that the government believes is needed for the financial sector to survive the ongoing recession. Wells Fargo & Co, Morgan Stanley and Bank Of America Corp were launching new stock offerings to raise the capital they need to comply with the government's demands.
Stocks open higher on Labor Department report showing drop in job lossesMay 8th, 2009 Wall Street opens higher open after jobs dataNEW YORK — Stocks soared in early trading Friday as Wall Street cheered the positive news it had been hoping for: job losses slowed in April and big banks don't need as much capital as feared. The Labor Department said employers cut 539,000 jobs last month, the fewest in six months and much less than the 620,000 job losses analysts expected.
Stock futures pare gains following uptick in unemployment rateMay 8th, 2009 Wall Street pares gains after jobs dataNEW YORK — Stock futures pared some of their early gains Friday as investors were disheartened by a rise in the unemployment rate last month even as the number of job losses dropped. The Labor Department said employers cut 539,000 jobs last month, the fewest in six months and much less than the 620,000 job losses analysts had been expecting.
Wells Fargo, Morgan Stanley announce plans to raise capital after 'stress test' resultsMay 8th, 2009 Banks scramble for capital after 'stress tests'NEW YORK — Wells Fargo and Morgan Stanley said Thursday they'll try to raise billions in fresh capital, becoming the first major banks to scramble for money after the government said 10 large financial institutions need $75 billion in new funds. Meanwhile, American Express Co.
Wells Fargo announces plans for a $6 billion stock offering after stress test resultsMay 8th, 2009 Wells Fargo announces $6 billion stock offeringSAN FRANCISCO — Wells Fargo & Co. said Thursday it plans to offer $6 billion of common stock to the public.
10 US banks fail stress test, need $75 bnMay 8th, 2009 WASHINGTON - Government 'stress tests' of the US financial industry found that 10 of the 19 largest banks need a combined $75 billion to weather the continuing recession, US regulators said Thursday. Treasury Secretary Timothy Geithner said that much of the extra capital could be raised from private investors, and many banks would be able to meet the government's demands by simply converting preferred shares into common equity.
After government stress test, American Express won't be asked to raise moneyMay 6th, 2009 Gov't test says American Express doesn't need cashWASHINGTON — Regulators are set to pronounce American Express Co. healthy after kicking the company's tires.
Stocks step up gains as reports douse worries about unemployment and 'stress tests' on banksMay 6th, 2009 Stocks jump as fears ease about jobs, banksNEW YORK — Investors grabbed stocks Wednesday as fears eased about the health of banks and unemployment. The stock market picked up steam in afternoon trading as reports trickled out that indicated balance sheets at the nation's biggest banks might not be as frayed as some investors had feared.
Government stress tests show Wells Fargo needs more money to survive deeper recessionMay 4th, 2009 Wells Fargo asked to raise money after stress testWASHINGTON — Regulators have told Wells Fargo & Co. to shore up its finances after government "stress tests" showed the bank would have trouble surviving a deeper recession.
Report: Citigroup may need to raise $10 billion in extra capital to meet new gov't standardsMay 2nd, 2009 Report: Citigroup may need $10B in extra capitalNEW YORK — Citigroup Inc. may need to raise as much as $10 billion to meet the government's increased capital standards for banks outlined in its stress tests, according to a report.
Details of government 'stress tests' of 19 big financial companiesApril 24th, 2009 Details of 'stress tests' of financial firmsSome details of the government's stress tests of financial companies with at least $100 billion in assets:
— The 19 companies on the list include an insurer, an auto finance company, lending-only institutions, Wall Street banks and big regional banks. — The tests project how the companies will perform over two years under two scenarios.
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