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Bank of America slashes 16,000 jobs. Early.

Bank of America will cut 16,000 jobs by Christmas, speeding up a previously announced plan to eliminate 30,000 Bank of America jobs overall, according to a report.

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Chris Keane/Reuters/File
A Bank of America customer uses an ATM machine at a branch in Greenville, S.C. in this January 2012 file photo. Bank of America will reportedly speed up its plan to cut 16,000 jobs before Christmas,
  • By The Associated Press

A published report says Bank of America is accelerating a cost-cutting plan and aims to eliminate 16,000 jobs by the end of the year.

The cuts are part of a previously announced plan by the bank to cut 30,000 jobs.

The Wall Street Journal cites a document given to top management at the bank. The newspaper says the cuts will mean fewer Bank of America branches and a smaller mortgage operation.

A bank spokesman declined comment on the Journal report Thursday.

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