For Bill Winters, things could go from bad to worse.
On December 1, investors will find out if the bank has done enough to weather the latest round of stress tests, based on end-2014 data, as regulators step up scrutiny on exposure to emerging markets.
'The nightmare scenario would be if they fail and analysis indicates that they need more capital than they have raised', said Edward Firth, an analyst at Macquarie in London. 'It’s possible that they could fail based on historic figures, but the existing capital raise sorts it out'.
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