(CNBC) -- 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.
Job cuts could begin in the company's European investment bank and sales and trading units as soon as Monday, sources told CNBC. Bank of America will begin layoffs in the U.S. on Thursday, September 27, sources said.
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
The reductions were outlined in a document given to top management, the Journal reported. Since taking the helm in 2010, Chief Executive Brian Moynihan has been working to streamline and reduce risk at a company that has lagged rivals in recovering from the financial crisis, largely due to mortgage-related losses.