Bank of America to cut 16,000 jobs

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CHARLOTTE, N.C., Sept. 20 (UPI) -- U.S. financial giant Bank of America has plans to cut 16,000 jobs by the end of the year in an effort to become a sleeker company, an in-house document says.

The document sent to top managers at the bank indicate that BofA is ready to give up its bragging rights as the country's largest financial company in terms of the number of employees.

The Wall Street Journal reported Thursday that BofA would end the year with 260,000 employees, which would mean JPMorgan Chase, Citigroup Inc. and Wells Fargo would each have more people on their payrolls.

BofA plans to cut back on its mortgage business in favor of the investment business it purchased when it bought Merrill Lynch in January 2009 during the financial system meltdown.

BofA has already sold off several businesses under the leadership of Chief Executive Officer Brian Moynihan, who has broken away from the bank's previous track record of expansion.