NEW YORK - JPMORGAN Chase will likely start cutting thousands of jobs worldwide beginning next year, Britain's Sunday Telegraph newspaper reported.

The report, which cited people close to JPMorgan, said the bank has begun consulting on job cuts, and the cutbacks will likely be on a comparable scale to those of JPMorgan's rivals.

Citigroup and Goldman Sachs have cut about 10 per cent of their work forces, a proportion that if applied to JPMorgan would mean more than 3,000 jobs cut, the Telegraph reported.

A JPMorgan Chase spokesman declined to comment on the report.

The bank has already been eliminating jobs due to big profit hits from the financial crisis, and redundancies following the buyouts of failed thrift bank Washington Mutual and investment bank Bear Stearns. -- AP