Bank of America To Cut 16,000 Jobs By Year End, Report Says

Bank of America is planning to cut 16,000 jobs by year end as it speeds up a company-wide cost-cutting initiative amid declining revenues, The Wall Street Journal reported on Wednesday.

The job cuts would put the second-largest U.S. bank a year ahead of schedule in eliminating 30,000 jobs under a program called Project New BAC. The job cuts could shrink the bank's workforce below that of rivals JPMorgan Chase and Wells Fargo.