Bank of America executives are still working on the final plans regarding the workforce reduction, which could reach much more than 10,000 jobs, it added.
The bank, part of a growing list of large banks that have been slashing their workforce, is expected to cut 3,500 jobs in the next few weeks as it continues to cope with its $1 trillion pile of problem home mortgages.
Bank of America, which recently received a $5 billion investment from Warren Buffett, has suffered a series of quarterly losses over the past two years, including a record $8.8 billion loss in its latest quarter.
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