PORTLAND – TD Banknorth Inc. announced Friday it will cut 400 jobs and close or consolidate 24 branches as part of a plan to reduce operating expenses by at least 5 percent.

The Portland-based financial services company said the job cuts would occur over the next several months. The jobs represent about 5 percent of the company’s work force of 8,700 at the end of December.

The branches slated for closing are in New Jersey, Connecticut, New York, Pennsylvania and Massachusetts.

The closures and job cuts are part of the company’s restructuring plan that was approved by the board of directors.

“These were extremely difficult decisions to make, but ones that were necessary in response to the current operating environment,” said Bharat Masrani, TD Banknorth president and CEO.

TD Banknorth, which had $40 billion in assets at the start of the year, operates banks in Maine, New Hampshire, Massachusetts, Connecticut, Vermont, New Jersey, New York and Pennsylvania.