Leading the list of companies that need more capital was Bank of America (BAC, Fortune 500), which faces a $33.9 billion shortfall. Following behind was Wells Fargo (WFC, Fortune 500) and struggling auto finance firm GMAC, which will need to raise $13.7 billion and $11.5 billion respectively.
Beleaguered banking giant Citigroup (C, Fortune 500), which has taken hold of approximately $50 billion in government aid to date, is being asked to raise $5 billion, regulators said.
Five regional lenders — PNC, Regions Financial, SunTrust, Fifth Third and KeyCorp will also be required to raise new capital. So will Wall Street investment bank Morgan Stanley (MS, Fortune 500), which regulators said would require $1.8 billion to shore up its capital position.
Goldman Sachs (GS, Fortune 500), JPMorgan Chase (JPM, Fortune 500), American Express (AXP, Fortune 500) and Bank of New York Mellon were among the nine banks that regulators said do not need to raise more capital. The others were Capital One Financial, BB&T, U.S. Bancorp, State Street and insurer MetLife.