Thursday, May 7, 2009

Stress Test Results: Nothing Surprising

Stress results are out... I don't really see any surprises, it seems that the leaks this week were accurate. I am looking to tomorrow's unemployment numbers now to see how the economy is performing. People have become custom to the better than expected numbers that have been released as of late so we will see how the market reacts to the numbers tomorrow. I think the market is expecting job losses closer to 500,000 even though the estimate by most economists is 610,000. 

US banking regulators released results of the stress tests on the 19 biggest American financial institutions, saying which banks need additional capital to survive a worsening of the economy.

Here's a rundown of the results:

Capital Needs of Big U.S. Banks (in alphabetical order)

American Express — None

Bank of America — $33.9 Billion

Bank of New York — None

BB&T — None

Capital One Financial — None

Citigroup — $5.5 Billion

Fifth Third — $1.1 billion

GMAC — $11.5 Billion

Goldman Sachs — None

JPMorgan Chase — None

KeyCorp — $1.8 billion

MetLife — None

Morgan Stanley — $1.8 Billion

PNC Financial — $0.6 Billion

Regions Financial — $2.5 billion

State Street — None

SunTrust Banks — $2.2 billion

U.S. Bancorp — None

Wells Fargo — $13.7 Billion
Source: CNBC

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