In a recent report, the Wall Street Journal (WSJ) said that up to 40,000 jobs may likely be slashed by Bank of America (BAC) – a move that would largely be a part of a much expected round of belt-tightening by the US financial biggie.

Even though the number of possible layoffs at BAC is not yet officially confirmed, ‘inside’ sources have apparently told the WSJ that cuts of between 30,000 and 45,000 jobs were being discussed by the company.

The speculated jobs-cuts – which reportedly ‘could hit 40,000’ - would amount to over 10 percent of the company’s workforce; and BAC had also said in an earlier-this-year announcement that it intends shuttering 600 branches countrywide as part of a consolidation move.

The job-cuts at the bank have been hotly-anticipated of late, especially in the wake of the fact that the bank has pummeled with losses from the 2007-2009 financial crisis. As such, rumors have been rife that the company was facing serious capital deficiency problems.

In fact, there are reports of the bank having recently been hit with several multi-billion dollar lawsuits, largely pertaining to devious mortgage-backed securities issued by its subsidiaries, Countrywide Financial and Merrill Lynch.

Going by reports, the BAC has been bogged down with lawsuits to such an extent that the company posted a whopping net loss of more than $9 billion in the second quarter.