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 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.

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.