Bank of America eliminated some investment banking roles on Monday, including in New York, according to three sources familiar with the situation who declined to be identified discussing personnel matters.

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,

Reuters said they came a few weeks after Bank of America laid off about 1% of its workforce following performance reviews, including managing

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,