Bloomberg reported that Bank of America, the second largest lender by assets may reduce annual costs by as much as an additional $3 billion in the next stage of chief executive officer Brian T. Moynihan’s efficiency plan.

According to the article, B of A, which had already targeted $5 billion in expense cuts from retail and back-office operations, may reach total savings of $6 billion to $8 billion a year, Moynihan said during a Jan. 19 employee meeting. The latest phase of his effort examines investment and commercial banking, trading, and wealth- management units and is scheduled to be completed in April.

The report cites Moynihan as saying, “We’ve made good progress transforming this company into that leaner, meaner, fighting machine off all the acquisitions and all the crises that happened.”