NEW YORK >> Bank of America is accelerating a cost-cutting plan and aims to eliminate 16,000 jobs by the end of the year, according to a report today by the Wall Street Journal.

The cuts are part of a previously announced plan by the bank to cut 30,000 jobs.

The Journal cites a document given to top management at the bank. The newspaper says the cuts will mean fewer Bank of America branches and a smaller mortgage operation.

A bank spokesman declined comment on the Journal report today.