Bank of America has cut 16 bankers from its investment banking department in Hong Kong as part of global cuts to its dealmaking workforce, three sources with knowledge of the matter told Reuters on Friday.

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.

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

Bank of America has eliminated 150 junior banker jobs in its investment bank, two sources familiar with the matter told Reuters on Tuesday.

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.