The future of the nation’s largest bank could mean fewer bankers.
JPMorgan CEO Jamie Dimon said in an interview with Bloomberg aired Wednesday that AI will impact “every job” and change the balance of the company’s more than 300,000 employees.
“I think some of our jobs will be reduced in the future,” he said. “I think there will be more hiring for AI talent and perhaps less hiring for certain categories of bank employees.”
In response to a question, he agreed that AI efficiency will lead to downsizing, but said a similar pattern has been occurring throughout his life. Dimon said JPMorgan sees about 10% turnover each year, or about 30,000 people, and the bank is prepared to retrain them, give them new jobs and encourage them to retire early. During the company’s investor day in February, he said there were already “major repositioning plans” in place.
“We can take in evacuees — and we have evacuated them from AI — and provide them with other jobs,” he said at the event.
In an interview Wednesday, Dimon said JPMorgan is using AI in everything from risk to marketing to coding, but that’s just the “tip of the iceberg” as the technology rapidly accelerates. The bank has a $20 billion technology budget and is already closely monitoring how its engineers use AI.
Apart from the numbers, the nature of banking itself is already changing, with startups like Logo and Hevia automating some of the menial tasks that previously defined junior roles. Anthropic recently rolled out a suite of AI agents for the financial industry. This includes notoriously boring pitch decks and agents for building models.
Dimon also addressed Standard Chartered CEO Bill Winters’ controversial comments about AI-related job losses. Winters described the plan to reduce support staff as “in some cases replacing low-value human capital with financial capital and investments that we’re making.” Following online backlash, Winters clarified her language in an internal memo on Wednesday, writing, “When a role disappears, it reflects a change in the job, not the value of the employee.”
Mr. Dimon called Mr. Winters, who spent 26 years at J.P. Morgan, a “friend” and said we all missed the point.
“That was a careless statement,” Dimon said, adding that AI will impact everyone, not just low-skilled workers.
Regarding the well-being of employees away from the office, Dimon said a recent meeting with Mayor Zoran Mamdani emphasized the importance of keeping New York City competitive.
“It made me realize that every city has to compete, and they have to compete on every level,” Dimon said of his conversation with the mayor. The mayor recently came under fire from many in the business community after naming Citadel CEO Ken Griffin in a video.
Dimon said the city’s high taxes are “already” causing an exodus of talent, pointing to his own growing workforce in Texas.