May 6, 2009 4:05 PM
- Text
Early (Rumored) Stress Test Results
(MoneyWatch) Why wait a whole day for the official results of the stress tests when there are rumors to spread?
You've already heard that 10 of the 19 banks need dough, so here's a roundup of what's being bantered around 24 hours prior to the release of the data. Some are based on press reports, while others are pure conjecture.
NEED MONEY:
You've already heard that 10 of the 19 banks need dough, so here's a roundup of what's being bantered around 24 hours prior to the release of the data. Some are based on press reports, while others are pure conjecture.
NEED MONEY:
- Bank of America: Reuters/WSJ reported (5/5) that BAC needs $34B
- Citigroup: FT reported (5/5) that Citi will need less than $10B and perhaps as little as $6B
- Wells Fargo: Bloomberg reported (5/6) that WFC needs $15B
- PNC Finanical: FT reported (5/4) that PNC will need to raise more capital; no amount reported
- US Bancorp: No specific reports, but some believe that the bank needs to raise capital
- GMAC LLC: Bloomberg reported (5/6) that GMAC needs $11.5B
- SunTrust: Lumped in with regional banks that many speculate need to raise capital
- Capital One Financial: no media reports, but believed to need more money
- Regions Financial: WSJ reports (5/6) that the Birmingham, Ala., bank needs to raise an undisclosed amount of new capital
- Fifth Third Bancorp: Analysts from Citi and FBR believe bank may need upwards of $2B
- KeyCorp: Analysts from Citi and FBR believe bank needs to raise undisclosed amount of capital
- JP Morgan Chase: Bloomberg reported (5/6) that sources say JPM does not need to raise capital
- Goldman Sachs: Bloomberg reported (5/6) that a source says GS does not need to raise capital
- Morgan Stanley: Bloomberg reported (5/6) that MS does not need additional capital
- State Street: no media reports, but believed not to need money
- American Express: AP reported (5/6) that AXP does not need to raise capital
- Bank of NY Mellon: Issued non-FDIC backed debt, which some see as an indication that the bank cleared the Stress Test
- BB&T: Originally thought to need money, but then issued non-FDIC backed debt, which some see as an indication that the bank passed the stress test
- MetLife: Bloomberg reported (5/6) that Met-Life doesn't need additional capital
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Jill Schlesinger Jill Schlesinger, CFP®, is the Editor-at-Large for CBS MoneyWatch. She covers the economy, markets, investing or anything else with a dollar sign. Prior to the launch of MoneyWatch in 2009, Jill was the chief investment officer for an independent investment advisory firm. In her infancy, she was an options trader on the Commodities Exchange of New York.
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