SNL stress tests.

Is your bank stressed? The tests are in and 10 out of 19 banks tested did not pass. Here’s some of the opinion swirling around the stress tests.
Douglas McIntyre at Daily Finance broke down the three categories of stressed (or not so stressed) banks, and how they will proceed from here.
Based on the leaked information and how the banks stocks have traded over the last week, Wall Street believes that most banks are in relatively good shape. What should concern investors is that, if the economy does not get better soon, then the “stress tests” were not rigorous enough and …read more

The results of the bank stress tests were released on Thursday. It was revealed that 10 out of 19 tested need to raise a total of $74.6 billion in capital. Leading the list was Bank of America, which need to raise $33.9 billion. Next on the list was Wells Fargo ($13.7 billion) and GMAC ($11.5 billion), rounding out the top three.
Now that the results of the tests are public, the 10 banks have until June 8, 2009 to tell regulators in a detailed plan how they intend to raise the capital. At that point, they will have six months …read more

Wells Fargo announced on Monday that its subsidiary Wachovia Bank will purchase the 401(k) business from Texas-based Comerica Bank. They will acquire the defined contribution plan recordkeeping business this quarter.
This business provides recordkeeping to 250 retirement plans that have nearly 100,000 participants. The business manages approximately $3.4 billion in assets.
“This acquisition supports our goal of being a leading provider of retirement solutions in the U.S. market and shows our strong commitment to building an industry-leading retirement business,” said John Papadopulos, president of the retirement services group at Wells Fargo. “Comerica Bank customers already use our recordkeeping platform so this transaction …read more