Bank of America to Cut 3,500 Jobs, with Possibility of More Layoffs: Report

Bank of America

is considering a cut to its workforce of 3,500 jobs, with the possibility of more, according to a report Friday from the Wall Street Journal. The restructuring would remove numerous positions across the bank, in an initiative call "Project New BAC." According to The Journal report, "The 3,500 positions are spread across the nation's largest bank by assets, including investment banking and trading, and the cuts are expected to be completed by the end of September. Some employees already have been notified." The layoffs are only the latest in a new string of cuts by large corporations. In an effort to boost profit margins, executives across many sectors have approached budgets with renewed scrutiny. Bank of America could eliminate 10,000 jobs in total, The Journal noted. The North Carolina-based bank has seen its shares plummet this year. Trading near $15 in February, the stock now sits at $7 after a precipitous fall this month. Other banks, such as HSBC

and Goldman Sachs

have recently approached budgets with a scalpel. Everything from travel expenses to worker salaries is being examined.