Citi, BofA have biggest shortfalls

Citigroup and Bank of America emerged from the governments ‘stress tests’ as the banks with the biggest capital shortfalls, with Citi requiring more than $50bn in fresh equity and BofA requiring about $34bn. BofA’s capital deficit is more pressing because Citi has already agreed to bolster its balance sheet by converting up to $6bn of preferred shares owned by the government and other investors and selling non-core businesses.