In what the bank called Tuesday a "de-layering", Moynihan put two senior executives -- David Darnell and Tom Montag -- into the roles of co-chief operating officers.

Two of 13 senior executives -- Joe Price, the head of the banks consumer and small business banking division and Sallie Krawcheck, the head of wealth management -- were said to depart immediately.

It's been rumored for several weeks that Bank of America could announce headcount reductions of 30,000, or 10.5 percent, of its 285,000 employees.

Bank of America's shares are down 44 percent in 2011.

The bank has not publicly released which branches will be targeted by the cutbacks.