Seven Banks Told to Increase Capital: Report

The Federal Reserve has told at least seven of the nation's biggest banks to increase their capital levels, while another six won't be told to raise additional capital, a report says.

Regulators have told Bank of America(BAC Quote) it must take steps to address a roughly $34 billion capital shortfall, according to the Wall Street Journal, while Wells Fargo (WFC Quote) needs $13 billion to $15 billion. The Journal reports GMAC needs $11.5 billion; Citigroup(C Quote), $5 billion; and Morgan Stanley(MS Quote), $1.5 billion.

Regions Financial(RF Quote) and State Street(STT Quote) also need more capital, the newspaper reports.

These financial institutions, of a total of 19, won't be told to raise additional capital, the Journal reports: JPMorgan Chase(JPM Quote), Goldman Sachs(GS Quote), MetLife(MET Quote), American Express(AXP Quote), Bank of New York Mellon(BK Quote) and Capital One Financial(COF Quote). The Journal story cited people familiar with the matter.

Results for the remaining six banks couldn't be learned, but analysts and investors expect several of them to face sizable capital holes, the Journal notes.

Final results of the government's stress will be released after the close of trading Thursday.

Any bank needing more capital will have until June 8 to develop a plan and must implement it by Nov. 9, the Journal reports.

Bank of America will outline its strategy Thursday, according to people familiar with the matter, the Journal reports. The bank says it doesn't need government capital and that it has a number of options.