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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.

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