Bank of America's
(BAC:NYSE) regulators have told the company it needs $33.9 billion in capital to withstand a worsening economy, according to
The New York Times
. The company can satisfy the requirement in a number of ways, including by converting the federal government's $45 billion preferred equity stake into common shares, the
said. A May 6 article,
Wednesday's Headlines: BofA and Capital
, incorrectly stated that published reports said Bank of America might need to raise about $34 billion in new capital.
regrets the error. (
Corrected May 6
This article was written by a staff member of TheStreet.com.