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
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.