Reports: Bank of America to cut 10,000 or more jobs

More than 3,500 Bank of America employees reportedly are being let go this quarter and as many as 10,000 could be let go in the near future.

The Wall Street Journal and the New York Times are reporting news of the job cuts, citing sources familiar with the situation.

The reports says the bank is working on restructuring plans that could lead to the elimination of more than 10,000 jobs. That's 3.5 percent of its current workforce.

The cuts are part of the bank's recovery effort after the housing bubble burst.