JPMorgan expected to cut more than 5,000 jobs

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The cuts will affect all major business units.

JPMorgan Chase has started job cuts slated to total more than 5,000 by next year as it looks to trim expenses, The Wall Street Journal reported Thursday, citing sources.

The most recent phase of layoffs began earlier this year and would eliminate at least 2 percent of JPMorgan's workforce, according to the newspaper. JPMorgan has not outlined plans for job cuts previously, but broadly touched on expense cutting plans in a February investor presentation.

The bank has already cut at least 1,000 of those jobs, a source told Dow Jones. JPMorgan could not immediately confirm the report's accuracy to CNBC.

JPMorgan - which has 5,570 branches - has moved to emphasize technology and rely less on human tellers. Its Chairman and CEO Jamie Dimon said recently that the bank's average branch would lose one employee over the next two years.

However, the cuts affect all of JPMorgan's major business units, the Journal reported.

Read More JPMorgan CEO faults company and shareholders for disagreements

The company cut 7,900 mortgage jobs and left certain businesses last year. It has slimmed its workforce to about 240,000 employees, with cuts in 11 of the last 12 quarters, according to the report.

Other large American banks including Bank of America and Citigroup have also cut costs amid a tougher regulatory and legal environment in recent years.

Read the full Wall Street Journal report here.

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