Bank of America is planning to eliminate more than 10,000 jobs, Dan Fitzpatrick of the Wall Street Journal reports.

3,500 folks will get the axe this quarter. And then another 6,500 or more will get canned in a major re-organization known as "Project New BAC."

The 3,500 sent packing this quarter will include "hundreds" of employees in investment banking and trading, with about 3%-5% of those divisions eliminated.

Bank of America is colossal, so even 10,000 departures amount to only 3.5% of the company's global work force. But it means a lot of folks will be looking for jobs.

Bank of America's stock has been clobbered in recent months as investors worry that the bank is still undercapitalized. These workforce reductions are designed to cut non-interest expenses, which have soared.

44 executives are in charge of the firings restructuring. They've been given the euphemistic nickname "catalysts."

See also: Jobs slaughtered all across Wall Street >