Morning roundup: European banks need more capital

Here's a look at what's news in banking and finance this morning:

• The New York Times points out an interesting discrepancy in the settlement Wells Fargo made with regulators over bid-rigging in the Wachovia days: The Department of Justice made the bank admit to illegal activity, and the SEC did not. It highlights a difference in how the two agencies deal with lawbreaking on Wall Street, the Times says.


• A Bank of America lending executive says the revamp of a federal refinancing program threw some "curveballs" at the bank, Bloomberg reports.


• European banks need more capital, recent stress tests show -- a sign that the debt crisis could worsen, The New York Times reports.


• Large U.S. money market funds are taking money out of French banks, several of which had their ratings cut by Moody's this week, Bloomberg says.