Bank of America Corp.'s plan to eliminate roughly 3,500 jobs this quarter marks just the start of an efficiency drive that could reduce the company's global workforce by about 10%, according to a report in the Charlotte Observer.

Citing sources familiar with BofA's plans, the newspaper said over the weekend that company executives are discussing plans to cut as many as 25,000 to 30,000 jobs over the next several years. At June 30, the company had about 288,000 employees worldwide, including about 15,000 in its hometown of Charlotte.

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