Bank of America job cuts to touch 30,000

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.