Bloomberg reported, citing a person with knowledge of the plans, that JPMorgan Chase will cut thousands of jobs over the next year as the biggest U.S. bank by assets seeks to contain expenses and sells businesses.

Bloomberg noted, according to remarks made by CEO Brian Moynihan, Bank of America will have to reduce expenses further in its markets division unless revenue begins to improve.

Bloomberg said that banks have made cost cuts a priority as revenue stagnates in a prolonged era of low interest rates that has suppressed interest income.

To view the full Bloomberg report, click here.