Bank Of America Could Cut Upward Of 40,000 Jobs

Remember Bank of America’s recent estimate that it would have to eliminate at least 3,500 jobs? Well, it looks like that number may have been just the tip of a very large iceberg.

According sources cited in a Wall Street Journal report, BofA has discussed the possibility of taking the hatchet to as many as 40,000 jobs — about 1/7 of the bank’s total workforce — as part of its massive restructuring plan.

The the Journal:

The numbers aren’t final and could change. The restructuring would reduce the bank’s work force over a period of years. In fact, [CEO Brian] Moynihan may not discuss a job-cut number during next week’s presentation at the Barclays Capital 2011 Global Financial Services Conference in New York.

The last time BofA pink-slipped this many employees was in 2008 when the housing bubble burst and the bank swooped in to save a dying Merrill Lynch.

BofA Cutbacks May Hit 40,000 [WSJ]

BofA discussing about 40,000 job cuts: report [Reuters]