Bank of America Corp. is cutting 3,500 employees this quarter and working on restructuring plans that will ax several thousand more jobs, The Wall Street Journal and The New York Times reported citing people familiar with the situation.
The reports Friday say that the job cuts at the biggest U.S. bank by assets might exceed 10,000 or about 3.5 percent of its current work force.
The retrenchments are part of chief executive Brian Moynihan's efforts to engineer a recovery at BoA which was hit hard by the bursting of the housing bubble.
Many other banks are also cutting staff to stay afloat.
WSJ says the initial 3,500 job cuts are spread across BoA's business including investment banking and trading.