Bank of America Corp. 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 discussing personnel matters. The Charlotte, North Carolina-based company plans to notify affected workers March 8, the people said.

John Yiannacopoulos, a bank spokesman, declined to comment.