Fed Says 10 Banks Have Submitted Capital Plans
WASHINGTON -(Dow Jones)- The Federal Reserve says the 10 banks required to bolster capital buffers have submitted plans that would provide sufficient capital.
"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," the Fed said Monday.
"As supervisors, we will be working with the institutions to ensure their plans are implemented quickly and effectively," the Fed said. "Supervisors also continue to work with all regulated financial institutions to review the quality of their corporate-governance, risk-management and capital-planning processes."
The Treasury Department last month said 10 of the 19 largest U.S. financial institutions will be required to raise a combined $75 billion in capital.
Bank of America Corp. (BAC), Citigroup Inc. (C), Wells Fargo & Co. (WFC), GMAC LLC and Morgan Stanley (MS) were told they need to raise capital due to the results of the government's stress tests. Regions Financial Corp. (RF), Fifth Third Bancorp (FITB), KeyCorp (KEY), PNC Financial Services Group Inc. (PNC) and SunTrust Banks Inc. (STI) also were told to bolster their reserves.
By contrast, JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS), American Express Co. (AXP), BB&T Corp. (BBT), State Street Corp. (STT), MetLife Inc. (MET), Bank of New York Mellon Corp. (BK), US Bancorp (USB) and Capital One Financial Corp. (COF) don't need to raise additional capital.
-By Jeff Bater, Dow Jones Newswires; 202 862 9249; jeff.bater@dowjones.com
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