The future of the nation’s biggest bank might mean fewer bankers.
JPMorgan CEO Jamie Dimon said that AI will impact “every job,” and change the balance of his more than 300,000-person workforce in an interview with Bloomberg that aired on Wednesday.
“I think it’ll reduce some of our jobs down the road,” he said. “I think we’ll be hiring more AI people and probably less bankers in certain categories.”
He agreed that AI efficiencies will lead to downsizing when asked, but said that similar patterns have been happening throughout his life. Dimon said that JPMorgan sees about 10% attrition each year, equivalent to around 30,000 people, and the bank is prepared to reskill them, give them new jobs, and potentially offer early retirement. During the company’s investor day in February, he said that they already have “huge redeployment plans.”
“We can take people who are displaced — and we have displaced people from AI — and we offered them other jobs,” he said at the event.
During Wednesday’s interview, Dimon said that JPMorgan is using AI for everything from risk to marketing to coding, and that’s just “the tip of the iceberg” as the technology rapidly accelerates. The bank has a $20 billion technology budget and already keeps careful tabs on how its engineers use AI.
Aside from numbers, the very nature of banking is already changing, as startups like Rogo and Hebbia automate some of the grunt work that previously defined junior roles. Anthropic recently rolled out a suite of AI agents for the financial sector, including ones for building notoriously tedious pitch decks and models.
Dimon also addressed Standard Chartered CEO Bill Winters’ controversial comments about AI-related job losses. Winters described his planned reduction in support staff as “replacing in some cases lower-value human capital with the financial capital and the investment we’re putting in.” In the wake of an online backlash, Winters clarified his language in an internal memo on Wednesday, writing that “where roles do fall away, it reflects changes in the work, not the value of our people.”
Dimon called Winters, who spent 26 years at JPMorgan, a “friend,” and said that we’ve all phrased things poorly.
“It was an inartful way to say something,” Dimon said, before adding that AI will impact everyone, not just less-skilled employees.
When it comes to employee well-being beyond the office, Dimon said he urged the importance of keeping New York City competitive in a recent meeting with Mayor Zohran Mamdani.
“We went through that every city has to compete, and they have to compete at every level,” Dimon said of his conversation with the mayor, who has recently faced criticism from much of the business community for singling out Citadel CEO Ken Griffin in a video.
Dimon said that the city’s high taxes are “already” causing talent to leave, pointing to his own growing workforce in Texas.
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