Bank of America plans to cut at least 3,500 jobs in the near future and possibly more than 10,000, The New York Times is reporting.

Bank of America will cut 3,500 of its approximately 300,000 positions by the end of September. The total number of cuts has not been determined but one person familiar with the situation said at least 10,000 jobs are likely to be eliminated.

The bank is grappling with its $1 trillion problem-loan portfolio and growing economic concerns.

Bank of America had around 280,000 employees at the start of 2011, according to its annual report.

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