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

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 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.

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

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