Former England number one David James departed the club last week, but Howe has claimed that the League One outfit still need to "re-adjust".
"The wage bill is very high for this club so we need to re-adjust things and re-align things," he told BBC Sport.
"David James has been excellent for us, I cannot speak highly enough of him. Unfortunately we've had to make some difficult calls.
"Financially we've had to re-adjust things, and re-align things at the club and this is is part of that. We thank David for everything that he's done for us and we wish him well in the future."
Bourenmouth currently sit seventh in the League One table.