Bank of America Corp. said it plans to eliminate 3,500 jobs this quarter, the Wall Street Journal reported Friday.
The bank is also working on a more expansive restructuring plan, called "Project New BAC," that could ultimately result in the loss of more than 10,000 positions.
The cuts are part of a new effort by the bank to recover from the burst of the housing bubble.
Bank of America Chief Executive Brian T. Moynihan said the bank has been holding a "yard sale" of its assets, "raising billions of dollars as it offloads everything from its Canadian credit card business to several commercial real estate properties."
"I know it is tough to have to manage through reductions," Moynihan wrote in a memo to the company's senior executives. "But we owe it to our customers and our shareholders to remain competitive, efficient and manage our expenses carefully."
Many other banks are also cutting staff right now to stay afloat.