Stress Tests Show 10 Banks Need To Raise About $75 Bln.

(RTTNews) - U.S. bank regulators said Thursday that about half of the country's biggest financial institutions need to improve their capital positions in order to ensure that they can weather a further downturn in the economy.

The results of the government's "stress test" showed that 10 of the 19 banks tested need to raise a total of $74.6 billion. The banks involved in the exercise account for two-thirds of the assets and more than half the loans in the U.S. banking system.

The biggest requirement comes for Bank of America (BAC | Quote | Chart | News | PowerRating), which regulators say needs to raise nearly $34 billion. Wells Fargo (WFC | Quote | Chart | News | PowerRating), GMAC and Citigroup ( C | Quote | Chart | News | PowerRating) are other big-name financial institutions that need to improve their capital position, the stress test results show.

Meanwhile, Goldman Sachs (GS | Quote | Chart | News | PowerRating) and JP Morgan Chase (JPM | Quote | Chart | News | PowerRating) are among the companies that do not need any further funding, according to regulators.

The stress tests were set up as a "what if" scenario to see if the banks could endure a further deterioration in the economy.

"The results released today should provide considerable comfort to investors and the public," Federal Reserve Chairman Ben Bernanke said.

Treasury Secretary Timothy Geithner added that the tests were "an unprecedented test of the broader health of our nation's banks."

"What's really important about this is the level of transparency and clarity it will bring to the banking system," he said. "It's a level of disclosure that goes well beyond what you typically see ââ"

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