BofA may need to raise $35 bn in capital: report

The US regulators have asked financial services major Bank of America (BofA) to initiate steps to plug nearly $35 billion shortfall in capital, says a media report.

The move follows the stress tests conducted on the banks by the Federal government.

"Regulators have told BofA that the company needs to take steps to address a roughly $35 billion capital shortfall based on results of the government's stress tests," The Wall Street Journal has reported quoting people familiar with the situation.

The daily in a report published online said that the exact amount of capital infusion needed, could not be determined "late Tuesday".

The US government has completed the stress tests to ascertain how well capitalised the country's 19 leading banks.

"Regulators began notifying the 19 financial companies subjected to the government tests of the results Tuesday," the publication said.

An official announcement of the results is expected to be made on Thursday.

Yesterday, the Wall Street Journal reported that the US is anticipated to ask nearly ten out of the 19 banks undergoing stress tests to bolster their capital.