The changes for junior bankers are part of the cost-cutting program known as "Project New BAC," which the bank launched last year, the sources said. The program, named for the bank's ticker symbol, is meant to improve profits as a sluggish economy weighs on revenue growth, and new regulations boost compliance costs. The bank is also trying to streamline a company that has grown increasingly bloated after decades of acquisitions.
The first phase of the program is expected to cut about 30,000 jobs and $5 billion in annual expenses in consumer and technology areas over the next several years. Plans for the second phase, which covers investment banking, sales and trading, commercial banking and wealth management, are expected to be finalized in May.