One of America’s biggest banks could soon become smaller. According to the Wall Street Journal, Bank of America (NYSE:BAC) is planning on cutting 16,000 jobs by the end of the year in an effort to trim the bank’s size and make it more profitable. The newspaper said the reductions were outlined in a document given to top management. No official announcement by the bank yet but this information could be seen as a positive move. Since Brian Moynihan took over as Chief Executive Officer, reductions have caused a drop of 7% in assets to a recent $2.6 trillion. Although the job cuts most likely mean the closing of more operations at the bank and therefore more reduction in assets, it doesn’t mean that the bank won’t turn even more of a profit. Investors will just have to wait and see what happens next. This rumor though has sparked some interest in the stock this morning. Bank of America is up over 1% to $9.30.