Artificial intelligence is set to significantly alter hiring patterns at JPMorgan Chase & Co., according to CEO Jamie Dimon, who said the bank expects to recruit more AI-focused talent while reducing reliance on some conventional banking roles over time, according to Bloomberg.
During a Bloomberg Television interview at the firm’s China Summit in Shanghai, Dimon acknowledged the long-term impact AI is likely to have on employment across the industry. “I think it will reduce our jobs down the road,” he said. “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.”
The shift reflects a broader transformation underway on Wall Street, where major banks are accelerating investments in automation and generative AI to streamline operations and improve efficiency. Executives across the sector have increasingly spoken about the technology’s ability to replace repetitive work while reshaping how financial institutions operate.
Bloomberg writes that unlike some peers who have framed the transition more bluntly, Dimon emphasized that workforce reductions could largely happen gradually through attrition rather than mass layoffs. JPMorgan, which sees roughly 25,000 to 30,000 employees leave annually, has enough turnover to retrain or reposition workers as roles evolve, he said.
He also argued that AI’s impact will not be limited to eliminating jobs. New positions are expected to emerge, particularly in areas tied to client relationships and revenue generation, even as some support and operational functions become more automated.
Dimon’s remarks followed controversial comments from Standard Chartered CEO Bill Winters, who recently said the bank was replacing “lower-value human capital” with technology as part of a plan to cut thousands of support positions. Goldman Sachs President John Waldron has likewise described traditional back-office work as a “human assembly line” susceptible to automation, while HSBC CEO Georges Elhedery warned this week that AI would “destroy” certain jobs even as it creates others.
Addressing the backlash surrounding Winters’ comments, Dimon defended the executive while acknowledging the wording had landed poorly. “It was an inartful way to say something,” he said. “I think it will be old jobs. If back-office jobs disappear, we need more front office jobs to cover more clients.”
Research from consulting firms and banks suggests the disruption could be substantial. McKinsey estimates that nearly a third of work hours in finance and insurance may eventually be automated, while Citigroup has projected that more than half of banking jobs face a high likelihood of either replacement or augmentation through AI technologies.
Still, Dimon cautioned against allowing the transition to move too quickly without considering the broader consequences. “I think it’s incumbent upon us, society, to think through if it happens too fast,” he said.