Bank of America slashes 16,000 jobs. Early

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,

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.
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 fewerBank of America branches and a smaller mortgage operation.

A bank spokesman declined comment on the Journal report Thursday. (csmonitor)