CHARLOTTE, N.C. -- Bank of America has put some layoffs on the fast track, according to the Wall Street journal.
The bank will cut 16,000 jobs by the end of the year.
The Charlotte-based bank has said in the past it would cut a total of 30,000 jobs -- but this new plan means Bank of America would hit that goal a year ahead of time.
Cuts include 5,300 consumer-banking jobs and 3,200 in the unit that oversees new mortgages, the newspaper said. Additional reductions are expected in a unit that handles troubles loans.
The cuts are part of Project New BAC, the wide-ranging efficiency initiative launched by CEO Brian Moynihan to streamline operations and sell off noncore assets.
The nation’s second-largest bank by assets has said it expects to save $3 billion a year by mid-2015 under the second phase of Project New BAC. That’s on top of the projected $5 billion in annual savings announced previously as part of the efficiency initiative’s first phase.
Moynihan’s focus on streamlining operations has helped drive the bank back to profitability after a tough few years in the aftermath of the financial crisis.