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

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.

Reuters reported Bank of America, the nation's second-largest bank, has been streamlining its investment banking workforce globally. The reduction, an annual exercise, comes weeks after Bank of America let go of staff in its investment banking and global markets divisions globally as part of an annual performance review process.