*

Most junior bankers offered roles outside investment

banking,

source says

*

US M&A activity slowest since 2009, Dealogic data shows

(Adds details in paragraphs 5-7, analyst quote in paragraphs

12-13)

By Saeed Azhar and Svea Herbst-Bayliss

NEW YORK, March 11 (Reuters) - Bank of America ( BAC )

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 ( JPM ) and Goldman Sachs ( GS ) and 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 second-largest U.S. lender will offer most of the junior

bankers, who include associates and analysts, roles outside of

investment banking, one of the sources told Reuters.

However, some junior bankers have opted to leave instead,

the other source said.

The sources declined to be identified because the

information is not public.

The number of job cuts has not been previously reported.

Reuters reported on Monday that the bank had eliminated some

investment banking roles.

The reduction, an annual exercise, comes weeks after Bank of

America ( BAC ) let go of staff in its investment banking and global

markets divisions globally as part of an annual performance

review process, two of the sources said. The cuts represented 1%

of the workforce for those businesses and included managing

directors, directors and vice presidents, one of the sources

said.

More than 10 managing directors were let go in that process,

a third source said.

BofA does not break down its staffing in investment banking

and global markets. Global banking and global markets accounted

for a combined 45% of its net income in the fourth quarter.

Wall Street investment banker Goldman Sachs ( GS ) is

reducing its staffing by 3% to 5% in an annual performance

review process this spring, Reuters reported on March 4, citing

a source familiar with the matter.

Goldman's cuts would equate to more than 1,395 employees

from the bank's global workforce of 46,500 at the end of

December.

JPMorgan Chase ( JPM ) is also carrying out several planned

job reductions this year.

Investment banking activity had picked up in recent months,

with Wall Street executives cheering the business-friendly tone

of President Donald Trump's administration.

But U.S. mergers and acquisition activity in the first two

months of 2025 has seen just 1,603 deals signed through Friday,

making it the slowest pace by volume since 2009, Dealogic data

showed.

"We anticipate head count reductions will accelerate as the

beginning of the year has dampened the outlook for full-year

investment banking results, specifically within the advisory

business," said Chris Connors, principal at consultants Johnson

Associates.

"Whether publicly announced or done so informally and at the

margins, we expect the large global banks to reduce staffing

levels within M&A over the next three to six months."