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 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.

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,