Last week, the bank said it would cut 650 positions in the global investment banking and global markets units. It employed about 70 analysts last month.

The analysts included Mr Robert Morris, who followed the oil and gas industry, and Mr John McDonald, who covered large-capitalisation banks.

Bank of America spokesman Brandon Ashcraft said the company has dropped coverage of all large-capitalisation banks.

Bank of America also dropped coverage of the cosmetics, household and personal care products sector, the global integrated oils sector, autos, metals and mining, and the electrical equipment and multi-industry sectors due to analyst departures. Analysts included Mr Joe Arns, Mr Daniel Barcelo, Ms Kuni Chen, Mr Jairam Nathan and Ms April Scee. -- AP