Morgan Stanley, Wells Fargo Raise $16.6 Billion In Capital
Monday May 11, 2000
Navivest
On Friday, just one day after the official release of the government’s bank stress tests, Morgan Stanley (MS) and Wells Fargo (WFC) announced that they had raised a combined $16.6 billion by selling common stock and bonds, making them the first of the ten banks required to raise additional capital as mandated by the stress tests, the first to do so.
Wells Fargo sold $8.6 billion of its common stock and Morgan Stanley raised $8 billion by selling stock and debt.
Per the stress tests, Wells Fargo needed to raise $13.7 billion and Morgan Stanley was required to raise $1.5 billion.
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