Bank of America executives are still focusing on the final plans regarding the workforce reduction, which could reach a lot more than 10, 000 jobs, the Charlotte Observer reported, citing sources acquainted with the matter.
Jobcuts at the biggest US bank, which the actual Wall Street Journal had reported could rise to 10, 000 within the coming months, come on the heels of the bank's stock plunging over 40% since the start of this year.
The bank, part of a growing list of large banks which have been slashing their workforce, is expected to cut 3, 500 jobs within the next few weeks as it continues to cope with its $1 trillion heap of problem home mortgages.
Bank of America, which recently obtained a $5 billion investment from Warren Buffett, has suffered a number of quarterly losses over the past two years, including a report $8. 8 billion loss in its latest quarter.
In the very first phase of the program, the bank's executives are examining the customer side of the bank, the mortgage business and staff features.
In the fourth quarter of this year and the very first quarter of next year, they will tackle capital markets, prosperity management and commercial banking operations, the Charlotte Observer said.
On the conference call with investors last month, Bank of America Chief Executive Brian Moynihan said the bank could cut around $1. 5 billion in quarterly expenses.