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.

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

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.

To name a few examples, megabank Bank of America ( BAC -5.74%) was down by 6% for the day. Investment banking leader Goldman Sachs ( GS -3.75%) had fallen by 5%. And app-based banking platform SoFi ( SOFI -3.87%) was lower by more than 6.5%.

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