The Bank of America may cut around 40,000 jobs in a drive to become leaner and more profitable.

The privately owned bank is one of the world’s largest financial institutions, has around 288,000 workers, and operates in 40 countries.

Stories in the Wall Street Journal and on Bloomberg news say most of the cuts in this phase will fall on the consumer services part of the company.

Further cuts are possible as the consolidation process continues over the next three years. Any cuts would be on top of 6,000 jobs already cut this year.

The bank has lost billions of dollars, in part because of problems associated with the 2008 takeover of Countrywide Financial Corporation. Countrywide held a large number of mortgages that borrowers were unable to repay, badly hurting the lender. The Bank of America also faces lawsuits connected with the mortgage business.