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— Sixteen of the 19 large banks that underwent government stress tests last month have raised more than $75 billion in capital, either because regulators required it or because the banks want to return federal bailout funds.
Banks have also been issuing debt to prove to officials that they can finance operations on their own. Only 10 of the 19 banks tested by the Federal Reserve were determined to be undercapitalized, while the other nine were deemed stable.
Here is an update of the 19 stress-tested banks and what they've done since the test results were released May 7.
1. JPMorgan Chase & Co.
How much did the Federal Reserve say it needed to raise? Nothing.
How much capital has it raised since the stress test? $5.75 billion in common stock.
How much debt has it issued since the stress test? $2.5 billion.
Does it want to repay TARP immediately? Yes.
2. Citigroup Inc.
How much did it need to raise? $5.5 billion.
How much capital has it raised? None, but it expects the government to exchange $33 billion in preferred shares to common shares later this week. When that happens, Citigroup will meet the government's capital requirement.
How much debt has it issued? $2 billion.
Does it want to repay TARP immediately? No. Chief Financial Officer Ned Kelly has said the bank will do so as soon as it is possible.
3. Bank of America Corp.
How much did it need to raise? $33.9 billion.
How much capital has it raised? $33 billion, including $13.5 billion in common stock.
How much debt has it issued? $5.5 billion in unsecured debt.
Does it want to repay TARP immediately? Yes.
4. Wells Fargo & Co.
How much did it need to raise? $13.7 billion.
How much capital has it raised? $8.6 billion in common stock.
How much debt has it issued? None.
Does it want to repay TARP immediately? The bank would not say definitively. It said in a statement it wants to repay TARP "at the earliest practical date. But it's not entirely up to us. We want all constituencies to be comfortable with the timing of the repayment."
5. Goldman Sachs Group Inc.
How much did it need to raise? Nothing.
How much capital has it raised? None.
How much debt has it issued? $1 billion.
Does it want to repay TARP immediately? Yes.
6. Morgan Stanley
How much did it need to raise? $1.8 billion.
How much capital has it raised? $7.6 billion, mostly in common stock.
How much debt has it issued? $5.5 billion.
Does it want to repay TARP immediately? Yes.
7. MetLife Inc.
How much did it need to raise? Nothing.
How much capital has it raised? None.
How much debt has it issued? $1.25 billion.
Does it want to repay TARP immediately? MetLife never received TARP funding.
8. PNC Financial Services
How much did it need to raise? $600 million.
How much capital has it raised? $600 million in common stock.
How much debt has it issued? $1 billion in debt.
Does it want to repay TARP immediately? No.
9. U.S. Bancorp
How much did it need to raise? Nothing.
How much capital has it raised? $2.5 billion in common stock.
How much debt has it issued? $1 billion in debt.
Does it want to repay TARP immediately? Yes.
10. Bank of New York Mellon Corp.
How much did it need to raise? Nothing.
How much capital has it raised? $1.2 billion in common stock.
How much debt has it issued? $1.5 billion.
Does it want to repay TARP immediately? Yes.
11. GMAC Financial Services
How much did it need to raise? $11.5 billion.
How much capital has it raised? $3.5 billion from the U.S. Treasury.
How much debt has it issued? None.
Does it want to repay TARP immediately? The company would not say.
12. SunTrust Banks Inc.
How much did it need to raise? $2.2 billion.
How much capital has it raised? $2.1 billion, including common stock.
How much debt has it issued? None.
Does it want to repay TARP immediately? The bank would not say definitively, only that it would do so "as soon as practicable."
13. State Street Corp.
How much did it need to raise? Nothing.
How much capital has it raised? $2.2 billion in common stock.
How much debt has it issued? $498 million.
Does it want to repay TARP immediately? Yes.
14. Capital One Financial
How much did it need to raise? Nothing.
How much capital has it raised? $1.5 billion in common stock.
How much debt has it issued? $1 billion.
Does it want to repay TARP immediately? The bank would not say definitively. But the CEO said late last month: "We intend to repurchase the TARP preferred shares as soon as it's prudent and appropriate to do so, and we're working with our regulators in taking steps to make that happen."
15. BB&T Corp.
How much did it need to raise? Nothing.
How much capital has it raised? $1.7 billion in common stock.
How much debt has it issued? None.
Does it want to repay TARP immediately? Yes.
Regions Financial Corp.
How much did it need to raise? $2.5 billion.
How much capital has it raised? $2.1 billion, including common stock. It's also awaiting between $200 million and $400 million from an offering that closes June 17.
How much debt has it issued? None.
Does it want to repay TARP immediately? Yes.
17. American Express Co.
How much did it need to raise? Nothing.
How much capital has it raised? $500 million in common stock.
How much debt has it issued? $3 billion.
Does it want to repay TARP immediately? Yes.
18. Fifth Third Bancorp
How much did it need to raise? $1.1 billion.
How much capital has it raised? $1 billion in common stock. It's also awaiting $1.2 billion from the pending sale of a stake in its payment processing business.
How much debt has it issued? None.
Does it want to repay TARP immediately? Yes.
19. KeyCorp
How much did it need to raise? $1.8 billion.
How much capital has it raised? $1.3 billion, mostly in common stock.
How much debt has it issued? None.
Does it want to repay TARP immediately? The bank would not say definitively. But the CEO said last week: "It is our intention to be in a position to repay the TARP Capital Purchase Program investment as promptly as permitted."
SOURCES: The companies, Securities & Exchange Commission filings.
