Bank of American Corporation will cut 1,000 to 1,500 jobs as it seeks to reduce the size of its workforce.
The company’s chief executive, David Berenson, said the company will be cutting 1,300 positions as it tries to balance its business and its cash position.
Bank of America said it will also close an unspecified number of locations in California and Georgia.
Berenstons statement on Wednesday did not disclose the scope of the job cuts.
The company’s stock has lost more than 20 percent this year.
Berenson said the bank was targeting about 3,000 positions to reduce costs.
He said the cost-cutting will be “accelerated and accelerated.”
The bank has been under pressure to slash spending, which has contributed to an unprecedented economic downturn.
In May, Berens office announced it would lay off employees in New York City, San Francisco and Boston.
Shares of Berenstein’s rivals, JPMorgan Chase & Co. and Citigroup Inc., have also been hammered by a slowdown in the U.S. economy.
B&M also is shedding jobs.
Citi said on Wednesday that it would cut about 1,800 positions by the end of 2019.
It said it would not be cutting other jobs, but that its restructuring plans will include reducing its debt by about $1.8 billion.
Analysts at Morningstar Ratings said that although the impact on the economy may be limited, the loss of some jobs would hurt consumer spending.
“It’s going to affect our rating as a whole, not just the U,” Morningstar’s director of investment research, Jonathan Tewes, said.
This story has been corrected to reflect that Bank of America has cut about 2,500 workers since April.