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      Bank of America layoffs: Bank plans to cut 16,000 by end of 2012

      Photo: coolcaesar/Wikimedia Commons

      NEW YORK (AP) - 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.