Bank of America Merrill Lynch is cutting jobs in its global banking and markets business on Tuesday.
The job cuts have already taken place in Asia, and are working their way across timezones to Europe and now the US, according to people familiar with the matter.
Arnaud Droitcourt, head of equity trading in Asia Pacific, is 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 staff that could be cut, only to go back and ask for more names.
The cuts are likely to be over 5% of staff, the people said then.
Kevin Connors, the global head of foreign-exchange sales at Bank of America Merrill Lynch, has left the bank, Business Insider reported last week.
More to follow