US banks 'need to raise $75bn'

Ten US banks need to raise almost $75bn in additional funds to survive a further major slump in the economy, the US central bank has said, after carrying out "stress tests" on 19 of the country's biggest banks.Bank of America needs to raise $34bn, more than any other bank, Wells Fargo almost $14bn, and Citigroup needs to raise $5.5bn, the Federal Reserve said on Thursday.The administration of Barack Obama, the US president, hopes the firms can raise the capital holes from private sources, although Ben Bernanke, the chairman of the Federal Reserve, said the government is prepared to help if needed."Our government, through the treasury department, stands ready to provide whatever additional capital may be necessary to ensure that our banking system is able to navigate a challenging economic downturn," Bernanke said in a statement.Bernanke said that the results should "provide considerable comfort" to US investors as almost all of the banks has enough assets to survive  the hypothetical adverse scenario.