Bank of America plans to cut about 300 jobs in its investment banking and capital markets group as it struggles with weak revenue growth. The layoffs are smaller than cuts to retail banking jobs. Junior bankers will also have broader responsibilities, which could lead to further cuts. The cuts are part of a cost-cutting initiative known as "Project New BAC" aimed at improving profits as the economy weighs on revenues and regulations increase costs. The first phase aims to cut 30,000 jobs and $5 billion in costs over several years in consumer and tech areas. Plans for a second phase covering other areas will be finalized in May.