CIBC is laying off more than 500 people, sources have told CTV News.

The Toronto-based bank confirmed that it is reducing staff across the organization, but it did not specify the number of layoffs.

“These reductions reflect an overall alignment of our resources that allows us to better serve our clients and ensure that we are operating efficiently,” a spokesperson said.

The spokesperson downplayed the number of job cuts, stating that CIBC expects to hire more than 5,000 employees in the next year.

The bank had 44,500 workers before the staff reductions.‎

Scotiabank, another of the five biggest Canadian banks, said in November that it would cut 1,500 jobs company-wide, about two-thirds of them in Canada.

Sources tell CTV News that most of CIBC’s job reductions will take place in Canada.

Profits were down at CIBC last year. The bank reported a net income of $3.2 billion in the 2014 fiscal year, compared with $3.4-billion in 2013.

With files from The Canadian Press