Bob Doll is sceptical about the results of last week's US regulators' stress test, which revealed a capital shortfall of around £75bn in 10 banks.
The BlackRock equities chief investment officer warns the Federal Reserve's conclusions could fall short of actual US bank capitalisation.
He says: "The results of the bank stress tests showed that the Federal government believes 10 of the 19 banks examined have capital shortfalls and will be required to raise a total of $75bn in additional capital.
"This is a relatively modest amount compared to expectations of several weeks and months ago, and the government is hopeful that the news will restore some confidence among investors and the public.
"From our perspective, we are somewhat sceptical about the results and believe that the downside risks for many banks remain a concern.
"This is particularly true considering that, only two months ago, many were concerned that conditions were so dire that some of these banks might need to be nationalised."IFAonline
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