Reports did not state that wealth management jobs will be affected by any cuts. The US-listed banking giant did not immediately comment when asked by this publication about the reports.

The job cuts are expected to be completed by the end of September, reports said.

An internal memo seen by Reuters said: "The third quarter reductions in force are not part of the New BAC Project, through which employees and managers are working to transform policies, practices and organisations to better align to the company's customer-driven strategy.”

The Wall Street Journal, citing an unnamed source, said at least 10,000 jobs are likely to be eliminated as part of a wider review. Bank of America had around 280,000 employees at the start of 2011, according to its annual report.