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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,

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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