BofA officials meeting in Charlotte, NC, are discussing the elimination of 40,000 positions during the first wave of restructuring, reports The Wall Street Journal.  Numbers are not yet final, and the overall restructuring project would pare the work force over a period of years. Bank of America CEO Brian Moynihan wants to show Wall Street the bank can become leaner - and more in line with its rival banks, like JPMorgan, that make do with fewer employees.  The phase one job reductions would fall largely on the consumer half of the bank.  There are roughly 160,000 positions in the bank's consumer-related business. Phase Two (Investment Banking) Begins October. The Second Phase is expected to begin in October and focus on the bank's commercial units - investment banking, trading, wealth management, and corporate banking.  Additional cuts will be made during this phase.  [WSJ, 9/9/11]