[ By Melanie Gretchen ] Bank of America is feeling the recession where it hurts: at the top.  As the banking industry continues to slim down (think UBS AG and Goldman), the expansion brought on by the purchase of Merrill Lynch, has sent the Charlotte, NC, company in the other direction – on the horizon: 2,000 cuts in investment banking, commercial banking and non-U.S. wealth-management, said people familiar with the situation. Reductions Target. The cutting of high-earning employees whose efforts helped Merrill Lynch account for the bulk of Bank of America's profit since the financial crisis may go a long way in CEO Brian Moynihan's efforts to show investors he can reign in expenses as U.S. growth remains sluggish and fedearl regulationsreduce revenue opportunities.  Last year, the bank announced the elimination of 30,000 jobs over 3 years in its consumer banking divisions. Project BAC. The cuts are part of a multiyear overhaul which will extend over several years; the project is named after the bank's ticker's symbol.  This year, less than 400 will come from investment banking, corporate banking, sales, and trading, the people familiar with the matter said.  An expected sale of the bank's non-U.S. wealth-management operations in Asia, Latin America, and Europe would eliminate less than 2,000 positions. An additional layer of cuts is also expected in the U.S. wealth-management business, which manages money for affluent people and reports to co-chief operating officer David Darnell. In addition to cuts, the overhaul could result in the sale of parts of its U.S. franchise or its U.S. trust business if economic conditions were to worsen significantly, according to people familiar with the situation. Going forward, the bank's structure will shift and will result in the pooling of junior investment-banking employees across different industry sectors --  younger bankers can be routed to whatever area is most in demand, said people familiar with the situation.  Supporters say that move will help younger workers gain more experience, while others argue that it will detract from the bank's service to clients. For further details, go to [WSJ, 4/30/12].