Bank of America Corp. will reduce $5 billion in annual costs by the end of 2013 and cut 30,000 jobs from its consumer-oriented businesses, The Wall Street Journal reports. Nearly 20 percent of the cost cuts will take place next year, with the rest being completed by the end of 2013, said CEO Brian Moynihan.

The layoffs will be part of the first phase of the Project New BAC, concentrating on the consumer lines of business. The second phase will look to slash part of the bank’s $28 billion in expenses on commercial banking, wealth management, corporate banking and investment banking.

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