Posted on 05/21/2026 8:42:01 PM PDT by Libloather
Artificial intelligence is poised to drastically shrink the workforce at the nation’s largest bank, but the transition will happen without the pain of mass layoffs, JPMorgan Chase CEO Jamie Dimon said Thursday.
In an interview in Shanghai, the renowned money man told Bloomberg that AI will make his employees vastly more productive.
While the technology will ultimately reduce the need for certain jobs, Dimon said the bank will manage the shift through “natural attrition” — simply not filling the positions of the 25,000 to 30,000 workers who quit or retire each year.
“There will be all different types of jobs, and I think we will be hiring more AI people and fewer bankers in certain categories, and it will make them more productive,” Dimon said. “I think it will reduce our jobs down the road.”
Current employees whose roles become obsolete will be retrained or moved to new departments, he added. The bank says it has over 300,000 employees worldwide.
Dimon’s remarks highlight what appears to be a major shift on Wall Street. Financial giants are trading traditional suit-and-tie bankers for tech experts to handle everything from routine paperwork to advanced math.
AI tools are expected to drastically reduce the staggering costs and manpower previously needed to maintain big financial institutions’ digital plumbing.
At Goldman Sachs, Chief Operating Officer John Waldron is building what he calls a “digital factory floor.”
(Excerpt) Read more at nypost.com ...
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It makes sense. With AI who needs a banker to lie to you or delete your account?
I worked for JPMC about 20 years ago.
Jamie is a hood leader and he is correct. Banking jobs are of different categories:
1. The routine, number checking jobs : these were already being automated before my time (think bank tellers vs ATMs), and many of those remaining should be replaced by programs, not even AI but simple programs
2. Decision making systems based on certain criteria : loan management, much of wealth, investment etc. This can be done better by business intelligence systems. No AI as you need accountability and explain ability. But most of these would be gone
3. Operational, back office: I was already automating this stuff in 2006 and this stuff like HRBP, cheque validation etc is ripe for full automation
4. Sales for those without investment cash: these are bad car salesmen. Replaceable
5. Wealth managers for Hni etc. This job requires people and tech skills. They will remain
6. More complicated commercial and investment banking: tech augmented but not replaced. Here would be case studies for AI.
I don’t see a need for banking yo hire their own AI coders. SMEs and solution architects are enough while they purchase services from Google, or Anthropic or OpenAI
Endgame: Spock’s Brain.
Who didn’t see this coming?
AI can replace just about any human with the exception of manual labor, but robots will soon take that over as well...............
Just wondering - can AI replace DEI? Oh, snap.
Sounds bad for NYC. Fewer people working in the financial sector. Much of NYC’s tax base is the income tax paid by these high salaried and bonus receiving people. Seems that there will be fewer of them. Not to mention those that have relocated. Mamdani will get his wish. There will be fewer “rich” people in NYC. He is going to miss them.
JPMorgan will hire more AI braniacs, fewer bankers.
ATM’s asking for more money?.
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