While continuing to sell off business units (Plan A), Bank of America has begun preparing for thousands of across-the-board layoffs (Plan B).  Initially, 3,500 jobs reportedly will be cut this quarter.  It's almost a certainty that more cuts will follow.  Total terminations can eventually exceed 10,000. 

Those additional terminations would be part of a restructuring project at the bank - internally known as  "Project New BAC."  And as far as anyone knows, the job reductions will impact all bank operating units.

News of the job cuts comes a few days after BofA announced it was selling off its global credit card businesses in order to raise cash.  The $8.6bn Canadian credit card arm was sold to TD Bank, and the bank announced plans to exit the U.K. and Ireland.  BofA had already sold its $200mn small business card portfolio to Barclays, and its Spanish card unit to Apollo Capital.

Including BofA's figures, global bank layoffs now approach some 50,000 positions.  [CNBC, 8/19/11]