Investors welcomed the results of the US stress tests on banks on Thursday in post-market trading as 10 out of the 19 banks tested were shown not to need extra capital. Citigroup rose 9.5% to $4.17 as it said it would account for its shortfall of $5.5bn by expanding its programme to convert preference shares into common stock. Bank of America also continued to rise after saying it needed an extra $33.9bn, in line with previous reports. See full results here.

This entry was posted by Gwen Robinson on Friday, May 8th, 2009 at 5:09 and is filed under Capital markets. Tagged with BofA, citi. Edit this entry.