Bank of America is cutting 3,500 jobs in the current quarter and working on a broader restructuring that could eliminate thousands of additional positions, the Wall Street Journal reported, citing people familiar with the situation.

The job cuts, expected to be completed by the end of September, are spread across the company including investment banking and trading, the report said.

Thousands of additional reductions are expected as part of an overhaul known as Project New BAC, the Journal said.

Executives at the bank still are discussing the possible range of cuts, but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated, the Journal reported.

(Reporting by Soham Chatterjee in Bangalore; Editing by Vinu Pilakkott)