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.

HONG KONG (Reuters) - Bank of America has laid off 16 bankers in Hong Kong as part of global cuts to its investment banking workforce, two sources with knowledge of the matter told Reuters on Friday. The lay-offs mainly targeted junior dealmakers, said the sources, who asked not to be named as they were not authorised to speak to media.

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.