JPMorgan Chase & Co. (NYSE:JPM) is starting to lay off more than 5,000 employees in a $1.4 billion cost-cutting measure to be completed by the end of 2016, the Wall Street Journal reported Thursday, citing people familiar with the matter. A spokeswoman for JPMorgan Chase would not comment on the report, but said the layoffs are part of cost-cutting efforts outlined in a presentation released earlier this year.

JP Morgan, the largest U.S. bank, is overhauling its nearly 5,600 branches. Chairman and CEO James Dimon said Wednesday the average Chase bank branch will lose one employee over the next two years. The bank has already cut 1,000 jobs.

The news comes as Wall Street's biggest banks are cutting workers and bonuses in the wake of higher regulatory standards and lower profits. But JPMorgan Chase earned $20.09 billion last year on revenue of $97.92 billion, up from $16.59 billion in profit on $99.79 billion in revenue in 2013.

The bank typically hires about 40,000 people a year, the Journal said, so it’s not clear if the layoffs would lead to an actual reduction in the total workforce. Last year, the bank laid off 7,900 employees, focusing on workers in its mortgage business.