The job cuts have already taken place in Asia, and they are working their way across time zones to Europe and now the US, according to people familiar with the matter.

Arnaud Droitcourt, head of equity trading in Asia Pacific, and Robert Grillo, head of fixed income e-sales, are among those to have left, according to Bloomberg.

A spokesman for Bank of America declined to comment.

Business Insider reported last month that the bank had asked senior executives some weeks ago to draw up a list of positions that could be cut, only to go back and ask for more names.

The cuts are likely to be over 5% of the staff, the people said then.