Bank of America Corp. expects to cut 16,000 jobs by the end of the year to address declining revenues.
The cuts would shrink the bank’s workforce below that of rivals JPMorgan Chase & Co. and Wells Fargo & Co.
Bank of America is currently the second largest bank in the U.S. and had 275,460 employees at the end of the second quarter. Bank of America says it plans to eliminate $5 billion in annual expenses and 30,000 jobs by the end of 2013.
Charlotte-based Bank of America (NYSE: BAC) has 40 branches in the San Antonio market.