The reduction comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally, Reuters reported.

The layoffs are part of an annual process to cut under-performers. However, deal volumes have also fallen below expectations in the first half of the year.

Bank of America's latest cull has eliminated 150 jobs of junior bankers at its investment bank, two sources familiar with the matter told Reuters on Tuesday. The second-largest U.S. lender will offer the vast majority of junior bankers,

Reuters reported Bank of America, the nation's second-largest bank, has been streamlining its investment banking workforce globally. The reduction, an annual exercise, comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally as part of an annual performance review process.