Bank of America Corp. is working on restructuring plans that could cut several thousand jobs, The Associated Press reports.
The Charlotte, N.C., bank with branches throughout Connecticut is cutting 3,500 employees this quarter and working on plans that will ax several thousand more jobs, according to The Wall Street Journal and The New York Times, which cited people familiar with the situation.
The reports said job cuts at the biggest U.S. bank by assets might exceed 10,000, or about 3.5 percent of its work force.
The report follows announcements earlier this month that the bank planned to sell its $8.6 billion credit card business in Canada to TD Bank Group, and it will exit its credit card businesses in the United Kingdom and Ireland.
Those moves are part of a broader shift by Bank of America out of international credit cards. The bank also agreed to sell its card business in Spain to Apollo Capital Management Inc. and also recently sold its U.K. business lending portfolio.
BoA CEO Brian Moynihan is trying to engineer a recovery for the bank, which was hit hard by the housing bubble and has seen its share price fall nearly 50 percent this this year. The stock also has dropped more than 28 percent this month, as financial stocks have been hit hard by recent market turmoil.
