Citibank and Bank of America Fail Stress Tests

Six of the nation’s 19 largest banks have failed the Federal Reserve’s “Stress Tests,” including Citibank and Bank of America, according to Bloomberg.

The Fed is pushing the banks to raise capital by converting preferred shares (including those held by the Treasury) into common shares, rather than seeking more federal funds.

Published by

Chris Sturr

Chris Sturr is co-editor of Dollars & Sense magazine.

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