US banking giant JPMorgan Chase is planning to cut thousands of jobs over the next year in a drive to save costs.

The lender, which has already begun the layoffs, will slash more than 5,000 jobs with an aim to cut at least 2% of its current workforce in 2016, reported The Wall Street Journal.

The move, which aims at saving about $5bn through 2017, will affect all four of the bank’s major business units.

The decision comes as the bank with its 5,570 branches attempts to rely more on technology than on human tellers.

JPMorgan chairmen and CEO James Dimon said that the average JP Morgan Chase branch would lose one employee over the next two years, mostly through attrition.

JPMorgan, which has 241,145 employees as of 31 March 2015, has trimmed its total head count in 11 of the past 12 quarters, bringing it down by 7.7%, from the peak in the first quarter of 2012.