Bank of America (BAC) is reportedly laying off as many as 400 people as revenue from trading and advising clients falls.

Bank of America, the country's largest bank by assets, is laying off people ranging from junior analysts to managing directors, Bloomberg News said without naming its sources.

"This sounds like an acceleration of the usual year-end cutbacks among the lowest performers in each business," Richard Lipstein, a consultant at Boyden Global Executive Search in New York, told Bloomberg News.

Banks including Barclays Capital and Credit Suisse Group are reducing their workforce as revenue weakens. Wall Street's five largest banks may produce their lowest revenue from investment banking and trading in almost two years this quarter.