BUSINESS

Report: Bank of America to accelerate cost-cutting plan and eliminate 16,000 jobs by year-end

09/20/2012 09:39 EDT | Updated 11/20/2012 05:12 EST
NEW YORK, N.Y. - A published report says Bank of America is accelerating a cost-cutting plan and aims to eliminate 16,000 jobs by the end of the year.

The cuts are part of a previously announced plan by the bank to cut 30,000 jobs.

The Wall Street Journal cites a document given to top management at the bank. The newspaper says the cuts will mean fewer Bank of America branches and a smaller mortgage operation.

A bank spokesman declined comment on the Journal report Thursday.