Jamie Dimon says AI will reduce jobs

Jamie Dimon said JPMorgan Chase expects artificial intelligence to cut jobs over time even as the bank adds more AI specialists. In an interview with Bloomberg Television published late on May 20, Dimon said the bank would likely hire “more AI people and fewer bankers in certain categories” as the technology spreads through its operations. Reuters reported on May 21 that Dimon said AI “will reduce our jobs down the road.” The comments landed as large banks and technology companies widen AI spending while investors and workers watch for evidence of how those investments change hiring. Dimon made the remarks at JPMorgan’s China Summit in Shanghai, according to Reuters and Bloomberg summaries of the interview. ### What exactly did Dimon say about hiring? Dimon said JPMorgan would shift the mix of roles it recruits for rather than stop hiring altogether. “There will be all different types of jobs,” he said, adding that the bank would hire more AI staff and fewer traditional bankers in some categories, according to Reuters’ summary of the interview. (finance.yahoo.com) Reuters also reported that Dimon said JPMorgan’s annual attrition rate is about 10%, or roughly 25,000 to 30,000 employees, which gives the bank room to manage changes gradually. (finance.yahoo.com) He said the bank could retrain staff, redeploy workers or offer early retirement instead of relying on large layoffs. ### Has JPMorgan already started moving workers because of AI? Dimon said in February that AI was already reshaping JPMorgan’s workforce. (finance.yahoo.com) In comments at an investor meeting reported by CNBC on Feb. 24, he said the bank had “huge redeployment plans” for its own employees and added: “We have displaced people from AI — and we offer them other jobs.” CNBC reported that JPMorgan’s total headcount was roughly unchanged at 318,512 over the prior year, but jobs shifted beneath that total. (finance.yahoo.com) Operations and support staff fell by 4% and 2%, respectively, while roles tied to serving clients and generating revenue rose by 4%, CNBC said, citing the bank’s presentation. ### What has JPMorgan said publicly about AI before this week? (cnbc.com) JPMorgan has described AI as a long-term strategic priority in both shareholder and workforce messaging. A company workforce story published in August 2024 said Dimon had written in his 2023 shareholder letter that AI’s impact would be “extraordinary” and potentially as transformative as major inventions of the past several hundred years. (cnbc.com) The same company article said JPMorgan was focusing on upskilling its workforce and expanding apprenticeships in technology, business operations and finance. It said that in less than a decade, one-third of the U.S. workforce will need to learn new skills and move into new occupations, including in AI. ### How does this fit with broader bank job cuts? Standard Chartered said on May 20 it would eliminate 7,000 jobs over four years as it seeks to replace “lower-value human capital” with technology, Reuters reported in its roundup of Dimon’s remarks. (jpmorganchase.com) Reuters said Dimon’s comments came as global banks increase AI investment and reshape job roles. JPMorgan has not said it is planning mass layoffs tied to this latest shift. (jpmorganchase.com) The bank’s stated approach, based on Dimon’s February and May comments, is to use attrition, retraining and redeployment as AI changes the work mix. ### What comes next inside JPMorgan? JPMorgan’s next test will be whether management shows more detail on where AI hiring rises and where traditional roles shrink. (finance.yahoo.com) Investors already heard in February that the bank had doubled its generative AI use cases this year, with a focus on customer service and technology workers, according to CNBC’s account of the investor meeting. (cnbc.com) The bank is likely to face fresh questions in future earnings calls, investor presentations and hiring disclosures about how quickly those workforce changes appear. Dimon’s latest comments, published on May 20 and reported on May 21, put that question directly on the record. (finance.yahoo.com) (cnbc.com)