To remove the notifications subnav item, add the following snippet to your functions.php file:
function remove_notifications_subnav(){
global $bp;
if ( $bp->current_component == $bp->settings->slug ) {
bp_core_remove_subnav_item($bp->settings->slug, 'notifications');
}
}
add_action( 'wp', 'remove_notifications_subnav', 2 );

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Add the following remove_action to your functions.php or bp-custom.php file:

remove_action( ‘bp_adminbar_menus’, ‘bp_adminbar_notifications_menu’, 8 );