Bank of America (BAC) needs to shore up its capital by around $34 billion, as determined by government “stress tests."

The stress tests are being done on the 19 U.S. financial institutions with more than $100 billion in assets. The tests basically aim to determine whether each institution could survive a deep, prolonged economic downturn -- or whether they need to raise more capital in order to have a sufficient buffer.

Regulators have told BofA that the stress tests show it needs to bolster its capital by $34 billion, people familiar with the situation told FOX Business.

The government is discussing the test results with all the banks this week, and the outcomes are to be made public on Thursday. It’s estimated that around 10 of the 19 banks could be asked to raise more capital.

Indeed, during the administration of the stress tests, government officials changed the test conditions to be more stringent, people in the financial industry tell FOX Business. That meant the tests generated higher projections of potential losses than the original ones. The people familiar with the matter said it was done to make sure things at the banks were fixed once and for all, so this wouldn't have to be done again.

The New York Times quoted BofA’s Chief Administrative Officer, J. Steele Alphin, as saying his firm needed $33.9 billion, and that bank officials weren’t happy about the “big number,” but that they would have numerous options to raise capital.

The Wall Street Journal said BofA might sell some of its shares in China Construction Bank, for instance, which could bring around $8 billion. The Journal cited people familiar with the matter as saying the bank might hold a new share offering if BofA’s stock price rises.

One option for banks that took bailouts from the Troubled Asset Relief Program and issued preferred shares to the government is to have those preferred shares converted into common shares. However, that process would boost the government’s ownership stake, not something most banks are keen to do.

FOX Business reported last week that BofA might need a capital infusion of $36 billion or more.

BofA has already received $45 billion from TARP, some of which was given in order to help the banking giant take over Merrill Lynch, which it had agreed to buy late last year. BofA reportedly balked as the giant holes in Merrill’s balance sheet came into view in the waning months of 2008, but it went through with the deal anyway.

This balance-sheet weakness could add to the pressure already on BofA CEO Ken Lewis over his handling of the Merrill merger, the economic downturn and more. Just last week, BofA shareholders voted to strip Lewis of the chairman title. And Obama Administration officials have hinted that financial institutions in which the government needs to take a major stake could see shakeups in the executive suite.