Citigroup and Bank of America are working on plans to raise more than $10bn each in fresh capital, even as they launch last-ditch attempts to convince the US government they do not need to bolster their balance sheets.
People close to the situation said Citi, BofA and at least two other lenders would today try to convince the Treasury and the Federal Reserve that the findings of "stress tests" into their financial health were too pessimistic.
