A $1trn portfolio of problem loans coupled with concerns about the global economy’s future are said to be behind the cuts, which are expected to be made by the end of next month.
Bank of America did not immediately respond to requests for comment.
Currently the Charlotte, North Carolina-based, New York Stock Exchange-listed bank, which has operations in more than 40 countries, employs around 280,000 employees.
News of the BofA job cuts comes less than three weeks after it was revealed that HSBC was planning to cut as many as 30,000 jobs by 2013, although it later indicated it would hire as many as 15,000 in key emerging markets.
Other banks announcing job cuts recently, in the face of more challenging market conditions and regulatory pressures, have included Royal Bank of Scotland, Barclays and UBS.
Earlier this week, BofA said it would sell its Canadian credit card business to TD Bank Group, and that it also would end its UK and Ireland credit card operations.
"While the credit card remains a fundamental core product for our US customers, an international consumer card business under another brand is not consistent with that strategy," chief executive officer Brian Moynihan said in a statement explaining the strategy.
