The Wall Street Journal reported on September 20, that Bank of America is accelerating a broad cost-cutting plan and has set a target of shedding 16,000 jobs by year’s end.

The Journal said the reductions for the final six months of the year are part of a larger effort to retool Bank of America into a leaner and more focused enterprise.

The personnel reductions expected through the end of the year are part of a company-wide expense overhaul known as Project New BAC. The bank expects that two phases of project will result in $8 billion in annual savings by 2015, the Journal noted.

To read the Wall Street Journal story, click here.