There’s another round of job cuts coming at Bank of America (NYSE:BAC). This time, however, the cuts target high-earning investment bankers.

According to the Wall Street Journal, the bank plans to slash 2,000 jobs at its commercial banking, investment banking and international wealth management units. At least 400 jobs will be lost in the investment and commercial banking units and there are plans to sell the non-U.S. wealth management unit altogether.

Bank of America shares were up more than 2% in late Tuesday afternoon trading.

The cuts are part of CEO Brian Moynihan’s efforts to reduce expenses at the big bank, which announced plans last year to shed 30,000 jobs by 2014.

Pressure is rising for the bank to control costs at a time of sluggish economic growth. Under its Project New BAC, the bank is considering a range of consolidation options, including the possible sale of business units. Plans are in the works to reorganize the investment banking unit so that younger investment bankers can be reallocated to different areas as needed.

A number of top Merrill bankers have already left the firm after realizing the impact of the restructuring will have on the investment banking division, the

Journal said.

Bank of America has been attempting to diversify its international operations, undertaking financial transactions overseas that it would once have avoided. However, the departure of high-ranking bankers could endanger those efforts.

Bank of America refused to comment on the Journal report.