“The cost of credit remains exceptionally high. We have more work to do, and recovery will take time. But we are starting to see some signs of progress toward financial repair.”
– U.S. Treasury Secretary Tim Geithner, announcing bank-industry stress-test results Thursday afternoon. Ten of the 19 largest banks in the U.S. must raise a total of $74.6 billion in capital. Leading the list: Bank of America with a $33.9 billion shortfall. Wells Fargo needs to raise $13.7 billion, and auto finance giant GMAC, $11.5 billion. Citigroup , having accepted some $50 billion in government aid already, is being asked to raise another $5 billion. And what companies have solid enough balance sheets that they avoided the capital-improvement onus altogether? Goldman Sachs , JPMorgan Chase and American Express .