Financial Winners and Losers: BofA

Updated from 2:23 p.m. EDT

Bank stocks rallied Wednesday, one day ahead of the official results of the government's stress tests, on several leaked reports about the capital levels of different financial institutions.

Bank of America (BAC) shares slid in the premarket session following reports that the government told the bank it would need up to $34 billion in capital, a far greater number than the $10 billion number thrown around earlier in the week.

However, shares rebounded and finished higher by more than 17.1% as ADP said April job losses were less than expected, mitigating the impact of the stress test, and investors figured out that the bank had options for meeting the requirement anyway, including converting the government's $45 billion investment of preferred shares into common stock.

Meanwhile, several media reports citing people briefed on the results on the stress tests results said that Citigroup (C) would need to raise $5 billion, less than the $10-billion figure thrown around earlier in the week. Citigroup rallied 16.6% to $3.86.

Late in the afternoon, Bloomberg reported that GMAC, the financing arm of General Motors (GM) is in need of $11.5 billion, and Wells Fargo (WFC) needs $15 billion.

GM fell 10.3%, while Wells Fargo shares jumped 15.6%.

The same report said that Goldman Sachs (GS), Morgan Stanley (MS), MetLife (MET), JPMorgan Chase (JPM), American Express (AXP) and Bank of New York Mellon (BK) do not need any additional funds.

The Wall Street Journal reported separately that Regions Financial (RF) was told by the government to raise additional funds. The stock finished higher by 6.2%.

The official results of the government's stress tests are expected after the close of trading Thursday, with several banks holding conference calls later in the day.