Bank of America has eliminated 150 junior banker jobs in its investment bank, two sources familiar with the matter told Reuters on Tuesday. The bank's latest cuts follow similar exercises at rivals JPMorgan and Goldman Sachs and are part of an annual process to cut under-performers.

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.

Charlotte-based Bank of America Corp. (NYSE: BAC) has trimmed 150 junior positions in its investment banking division, sources familiar with the matter told Reuters. The bank says most junior bankers were offered roles outside investment banking.

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,

Bank of America (NYSE:BAC) laid off 150 junior investment bankers as part of its annual performance review process, according to a media report published on Tuesday. Most of the affected junior roles,