Bank of America has eliminated 150 junior bankers employment at investment banks, two sources familiar with the matter told Reuters on Tuesday.
The bank's latest cuts follow similar exercises at rivals JPMorgan and Goldman Sachs, part of the annual process to reduce performance degradation.
However, trading volume is below forecasts for the first half of the year.
The second largest US lender offers non-investment banking roles to most junior bankers, including associates and analysts.
However, other sources say some junior bankers have chosen to leave instead.
No sources were identified because no information was made public.
No job openings have been reported previously. Reuters reported Monday that the banks have eliminated the role of several investment banks.
The cuts, an annual exercise, come just a few weeks after Bank of America organizes its investment banks and global market divisions globally as part of its annual performance review process, two sources said.
The cuts accounted for 1% of these companies' workforce, including managers, directors and vice president managers, one source said.
The process left over 10 managing directors, a third source said.
BOFA does not break down staffing in investment banks and global markets. It was a combination of global banking and the global market 45% of net profit Fourth quarter.
Wall Street investment banker Goldman Sachs cut staffing by 3% to 5% in the annual performance review process this spring, Reuters reported on March 4, citing sources familiar with the issue.
Goldman's cuts amount to more than 1,395 employees in the bank's global workforce of 46,500 at the end of December.
