Bank of America (NYSE:BAC) denied Monday it was planning to raise $10 billion to shore up its capital reserves in the wake of U.S. Treasury stress tests.

The Treasury set up the tests for the nation's 19 largest banks to compare their strength against hypothetical scenarios of increased unemployment, declining productivity and falling home prices.

An article in The Financial Times Sunday said Bank of America (NYSE:BAC) was planning to raise $10 billion, the Atlanta Business Chronicle reported Monday.

A previous report in The Wall Street Journal said Bank of America (NYSE:BAC) and Citigroup (NYSE:C). were among the firms the Treasury would tag as needing to raise additional capital on their own or accept further government assistance.

Along with worries about restrictions that come with government aid, banks are concerned that standing out as a weak bank will scare off investors.

"Bank of America (NYSE:BAC) has not been given a final number by the Federal Reserve, and the bank is not working on plans to raise $10 billion in common equity," Bank of America (NYSE:BAC) spokesman Scott Silvestri said Monday.

Banks were given the results of the tests a week ago Friday. The Treasury is scheduled to release details to the public Thursday.