Bank of America is Considering Cutting Up to 40,000 Workers

U.S. financial giants, Bank of America is considering cutting up to 40,000 workers as part of a round of belt tightening is anticipated to be warm, the Wall Street Journal reported Friday.

Journal citing unnamed sources, who said the company had discussed cutting 30,000 to 45,000 jobs, but he said, that figure could still change and that the decision will be made over a period of several years.

The cuts will amount to more than 10 percent of the workforce.

Banks have been hit by losses from the financial crisis of 2007-2009 and was recently hit with a series of lawsuits related to the multi-billion dollar unfair to the issuance of mortgage-backed securities by subsidiaries, Countrywide Financial and Merrill Lynch, financialdaily.info reported.

Burdened with lawsuits, the bank reported a net loss of more than nine billion dollars in the second quarter.

Amid rumors that it has a serious problem of capital deficiency, last month announced the injection of five billion U.S. dollars of investment guru Warren Buffett, Berkshire Hathaway.

The bank also said it would sell half of the 10 percent stake in China Construction Bank to raise about 8.3 billion U.S. dollars in cash