stress test

Major European banks prove stable and viable against possible economy slump

October 2, 2009 - 3:01am | Banks and internet banks | News

On Thursday it was reported that 22 largest banks in the European Union successfully passed stress test by financial supervisors who confirmed that they are stable enough to withstand future economy worsening.

Besides, European Union finance ministers and central bankers stated that the banks will likely have an extra $581.5 billion in losses this year and next year, if economic output fell below recent forecasts, and still none of the banks is expected to go under.

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TARP money prevents Citi to hire more employees

June 16, 2009 - 6:00am | Banks and internet banks | News

On Monday speaking at a forum sponsored by Time Warner Inc chairman of Citigroup Inc Richard Parsons said that it will likely be very difficult for the bank to hire more employees in view of the dependence on the taxpayer money. $45 billion was granted to Citi from the government's Troubled Asset Relief Program, and Parsons said there is no timetable for possible repayment.

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Bank of America and other banks anticipate casting off the TARP yoke

June 3, 2009 - 9:13am | Banks and internet banks | News

As financial institutions in the U.S. make every effort to go out of Washington scrutiny Bank of America, JPMorgan Chase & Co along with several other banks reported that they have raised more than $19 billion. Lenders want to prove to the regulators they are capable to function without their support. Next week is scheduled by the Federal Reserve as the time to announce which of the top 19 banks can repay taxpayer money.

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Morgan Stanley raising its common equity by $2.2 billion

June 3, 2009 - 6:56am | Investment industry | News

Morgan Stanley, global financial services firm and a market leader in securities, asset management and credit services, declared on Tuesday about its plans to raise $2.2 billion in its common equity in order to be closer to repaying its TARP loans.

As bank holding company said by selling shares it would be easier to satisfy the criteria for repaying the $10 billion it borrowed under the U.S.

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What is required from the banks to repay bailout funds? Fed announces the rules

June 2, 2009 - 1:58am | Banks and internet banks | News

On Monday the Federal Reserve announced the rules banks should follow in order to repay taxpayer bailout funds which will allow 19 largest banks in the U.S. to reduce their dependence on the government. As it is known the stress test results released last month showed 10 banks need to raise a total of $75 billion in new capital to be able to survive possible future losses.

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U.S. economy improves but the recession is not over as banks need $74.6 billion

May 21, 2009 - 7:00am | Analytics | News

Alan Greenspan, Former Federal Reserve Chairman stated that while the U.S. economy and financial markets had improved, banks faced a capital shortfall, which could negatively affect lending obstructing recovery.

The comments came after the results of the regulatory "stress tests" of banks released by the U.S. Treasury Department and top banking regulators.

Alan Greenspan | banking | home prices | mortgage crisis | stress test

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$45 billion of taxpayer money burdens BofA, it plans repayment by end of 2009

May 21, 2009 - 2:15am | Banks and internet banks | News

The Financial Times reported on Wednesday that Bank of America Corp plans to pay back $45 billion in bail-out funds by the end of the year, accelerated by a program to raise capital. The report said that by the end of September the bank expects to raise over $35 billion in capital.

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BofA is forced to change its managers

May 15, 2009 - 7:07am | Banks and internet banks | News

The Bank of America becomes object of observation from the direction of government officials. Regulators urged the bank to change the Board of Directors staff by bringing in the member with more great experience in banking sphere.

The move of such influence of government regulators appears to be unusual due to the fact that the government hasn’t stake in this financial institution. All woes of the bank started from the acquisition of Merrill Lynch & Co., which was prodded by federal regulators.

BofA | Federal Reserve | Office of the Comptroller of the Currency | stress test

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S&P says American banking industry might not come out of crisis before 2013

May 14, 2009 - 8:00am | Analytics | News

Just one day after it was said that the U.S. banks will need only fourth of the capital demanded by the government Standard & Poor's reported that American banking crisis "merely entered a new phase" and will likely to show signs of coming to its end not earlier than 2013.

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BofA will stay long-term investor of CCB

May 14, 2009 - 4:47am | Banks and internet banks | News

According to CCB Bank of America will keep its remaining share in capital of CCB, China's second-largest bank. And the sale by bank of America of $7.3 billion in CCB shares earlier doesn’t mean that these two banks will alter their long-term strategic relationship.

A CCB spokesman said that Bank of America sale of CCB shares is viewed by Chinese bank as BofA moved to support its capital.

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Unlike other banks Citi generously lends TARP money to borrowers

May 12, 2009 - 7:49am | Banks and internet banks | News

Citigroup Inc. has revealed it would use its $45 billion in government capital to make $44.75 billion in new loans. As for other ways the bank plans to spend its finances the Citigroup would spend $2 billion more to finance suppliers, $1 billion more in residential mortgages, and $250 million more in auto loans.

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Bank of America does not estimate its condition to be stressful

May 8, 2009 - 4:10pm | Banks and internet banks | News

Bank of America Corporation has announced today the Federal Reserve has notified it of the stress test results. The test shows that in order to weather two years of the most severe economic circumstance, Bank of America would need to increase Tier 1 common capital by $33.9 billion.

Bank of America | Federal Reserve | stress test | Tier 1 Capital

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Capital needs of BofA are thrice more than expected

May 6, 2009 - 3:34am | Banks and internet banks | News

According to the results of the government stress test Bank of America will need to raise additional capital of $34 billion, reports the Reuters, citing a source familiar with the situation. The figure is by far larger than it was expected by some observers and it will likely rise more grumble on the part of shareholders who just recently voted for Kenneth Lewis’ leaving the chair.

Bank of America | capital need | Kenneth Lewis | stress test

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Citi doesn't need more taxpayer money but it will raise private investor funding

May 4, 2009 - 10:35am | Banks and internet banks | News

According to the Bloomberg Monday report, Citigroup, one of 19 U.S. banks undergoing a stress test designed to ensure the banks have sufficient capital to go through the recession, is seeking to raise any additional capital it might need from private investors, rather than giving more control to the government. These measures are expected to be sufficient to meet any capital the Citigroup is to raise under the government pressure.

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Citi sells Nikko, though it is doubtful to cover stress test shortfall

May 1, 2009 - 8:56am | Banks and internet banks | News

It has been disclosed that Citigroup Inc executives are planning to raise cash in a move to ease demands from the U.S. stress tests on banks through the sale of its Japanese retail brokerage, Nikko Cordial, reported the Financial Times, citing people familiar with the matter.

banking | capital | Citigroup | Nikko Cordial | stress test

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