NEW YORK (BLOOMBERG) - Bank of America plans to dismiss about 150 trading and investment-banking employees next week, according to people with knowledge of the matter.

The dismissals stem from chief operating officer Thomas Montag's push to reduce expenses and are part of the firm's periodic cull of low performers, the people said, asking not to be identified.

The company plans to notify affected workers March 8, the people said.

John Yiannacopoulos, a bank spokesman, declined to comment.

Global banks have announced plans to cut thousands of jobs at financial centres worldwide in a drive to reduce costs.

It's unclear where the cuts are taking place, but New York is the hub for the bank's trading and investment banking businesses.