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Economists say that this extra money is a necessity for Bank of America, as the company underestimated the losses they would have to absorb in their takeover of Merrill Lynch. It is not clear how much Bank of America is asking for from the federal bailout, but it is thought to be similar to what Citigroup received in November.

Bank of America has already received $25 billion in bailout funds.

Tony Plath, an economist at UNC Charlotte, says the decision of Bank of America to cut 30,000-35,000 jobs over the next three years likely came because officials saw the need for more funds coming in the near future and knew they would need to cut costs.

"This will make our break that management team," said Plath of Bank of America's attempt to survive tough economic times. "So over the course of the next six months or so it will establish a legacy for that management team and we will really see if the bank can carry forward with the mission of being a large universal bank."

Bank of America shares dropped to their lowest level since 1991 in after-hours trading Wednesday night. Overall, shares are down 28 percent for the year.

Stay tuned to News 14 Carolina for more on this story later.