(Bloomberg News) Bank of America Corp., the lender seeking to reduce expenses after losing half its market value, plans to eliminate 324 jobs in New York starting next month, including investment bankers and equity traders.

Most of the cuts, 250, may start Dec. 14 at the firm's Midtown tower at 1 Bryant Park, according to a filing to the state's Department of Labor dated Sept. 29. The rest of the Charlotte, North Carolina-based bank's terminations start Nov. 30 and affect offices at 2 and 4 World Financial Center and 222 Broadway. The reductions are part of a round of 3,500 cuts disclosed in August, said T.J. Crawford, a bank spokesman.

Chief Executive Officer Brian T. Moynihan, 52, has since said he'll cut 30,000 more jobs over the next few years, stoking anxiety among the 288,000 workers the lender had as of midyear. Wall Street firms including Barclays Capital and Credit Suisse Group AG have reduced staff as revenue from trading stocks and bonds has eroded.

"There's no part of Bank of America that's being left untouched," said Richard Lipstein, a managing director for headhunter Boyden Global Executive Search. "People who get let go now may have the best prospects of the lot, because there very well may be many more people looking for these kinds of jobs six months down the line."

Those affected in New York include investment bankers, equity traders, capital-markets workers and technology-and- operations personnel, Crawford said.

Bank of America aims to cut about $5 billion in annual costs by the end of 2013. Moynihan's plan, dubbed Project New BAC, included a management shakeup last month that left Sallie Krawcheck and Joe Price jobless. The bank said last week it will give the executives a total of $11 million in severance.

Managers are now examining areas including global markets, commercial banking and corporate banking for cost-cutting opportunities, the company has said. All of those operations have employees in New York. The first phase of Project New BAC affected the firm's consumer-finance operations.

The New York State Workers Adjustment and Retraining Notification Act, known as the WARN Act, requires private employers with 50 or more people in New York state to provide 90 days' notice of a plant closing, mass layoff, relocation or reduction in work hours.

Bank of America fell 5.2 percent to $6.24 at 2:31 p.m. in New York trading. The company is down more than 53 percent since the start of 2011.

In a separate filing to the New York labor department, Capital One Financial Corp. said it's cutting 136 positions in Long Island starting Dec. 4.