Citigroup may need 10 billion dollars more: report | world | Hindustan Times
Today in New Delhi, India
Sep 24, 2017-Sunday
-°C
New Delhi
  • Humidity
    -
  • Wind
    -

Citigroup may need 10 billion dollars more: report

US bank Citigroup may need to raise up to 10 billion dollars in new capital as the government of President Barack Obama continues talks with banks over the results of its "stress tests," the Wall Street Journal reported on Friday.

world Updated: May 02, 2009 13:44 IST

US bank Citigroup may need to raise up to 10 billion dollars in new capital as the government of President Barack Obama continues talks with banks over the results of its "stress tests," the Wall Street Journal reported on Friday.

The money would be in addition to the 45 billion dollars Citigroup has already received from the government since late 2008. "The bank, like many others, is negotiating with the Federal Reserve and may need less if regulators accept the bank's arguments about its financial health," the Journal reported on its online edition, citing unnamed people familiar with the matter.

"In a best-case scenario, Citigroup could wind up having a roughly 500 million cushion above what the government is requiring," the Journal reported.

US officials will reveal on May 7 results on "stress tests" conducted on the 19 biggest US banks that have received public aid to weather the global financial crisis, a government source told AFP Friday on condition of anonymity.

The results of the tests of the banks' capacity to withstand a worse-case scenario of the current recession will be published after the stock market closes on Thursday, the source said.