The Federal Reserve announced that all 10 of the nation’s largest banks under orders to raise more capital as a buffer against further economic contraction have submitted their plans to do so.
From Fed: The 10 banking organizations required by the Supervisory Capital Assessment Program to bolster their capital buffers have all submitted capital plans that, if implemented, would provide sufficient capital to meet the required buffer under the assessment’s more-adverse scenario. As supervisors, we will be working with the institutions to ensure their plans are implemented quickly and effectively.
Supervisors also continue to work with all regulated financial institutions to review the quality of their corporate-governance, risk-management and capital-planning processes.
Here’s the list of the banks asked to raise new capital:
» Bank of America, $33.9 Bln
» Wells Fargo, $13.7 B
» GMAC, $11.5 B
» Citigroup, $5.5 B
» Regions Financial, $2.5 B
» SunTrust Banks, $2.2 B
» KeyCorp, $1.8 B
» Morgan Stanley, $1.8 B
» Fifth Third Bancorp, $1.1 B
» PNC Financial Services, $600 B