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) - Get Report

it must take steps to address a roughly $34 billion capital shortfall, according to the

Wall Street Journal

, while

Wells Fargo

(WFC) - Get Report

needs $13 billion to $15 billion. The

Journal

reports

GMAC

needs $11.5 billion;

Citigroup

(C) - Get Report

, $5 billion; and

Morgan Stanley

(MS) - Get Report

, $1.5 billion.

Regions Financial

(RF) - Get Report

and

State Street

(STT) - Get Report

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) - Get Report

,

Goldman Sachs

(GS) - Get Report

,

MetLife

(MET) - Get Report

,

American Express

(AXP) - Get Report

,

Bank of New York Mellon

(BK) - Get Report

and

Capital One Financial

(COF) - Get Report

. 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.