Bank of America Corp. officials have discussed slashing roughly 40,000 jobs during the first wave of a restructuring, The Wall Street Journal reported.

A Reuters report on the Journal story said the number of job cuts is not final and could change. The restructuring aims to reduce the bank’s work force of 280,000 over a period of years.

The Journal said Bank of America executives met Thursday in Charlotte, N.C., where the bank has its headquarters, and will gather again today to make final decisions on the reductions, putting the finishing touches on five months of work.
Bank officials could not be reached for comment.

Investors are pressing the company to improve its performance after it lost money in four of the last six quarters and its stock price has fallen by half this year.