• search

US stress test: Banks need billions of dollars

Written by: Staff
|

New York, May 7: As per the the findings of government regulators some of the largest American banks like the Citigroup, Bank of America will need billions of dollars to survive the ongoing financial crisis.

The finding will be released later on Thursday, May 7 after markets close by the United States Federal Reserve. The review or so called stress tests evaluated 19 largest banks of the country.

The review suggests that 10 of the 19 banks are facing demands to boost their capital levels, including Bank of America Corp, Citigroup Inc, Wells Fargo & Co and GMAC LLC. And major banks including JP Morgan Chase & Co, Goldman Sachs Group Inc and Morgan Stanley have all reportedly passed the government's stress tests.

This was part of the Barack Obama's moves to revive the financial situation of the country. The president launched the concept in Feb to check how the banks are handling the financial crises. The results may move the government to provide more aid to the banks, like making changing in the top management to increasing shares given to the government.

OneIndia News

For Daily Alerts
Get Instant News Updates
Enable
x
Notification Settings X
Time Settings
Done
Clear Notification X
Do you want to clear all the notifications from your inbox?
Settings X
X
We use cookies to ensure that we give you the best experience on our website. This includes cookies from third party social media websites and ad networks. Such third party cookies may track your use on Oneindia sites for better rendering. Our partners use cookies to ensure we show you advertising that is relevant to you. If you continue without changing your settings, we'll assume that you are happy to receive all cookies on Oneindia website. However, you can change your cookie settings at any time. Learn more
X