JPMorgan Chase CEO Jamie Dimon has hinted that artificial intelligence is poised to drastically shrink the workforce at America's largest bank. The bank plans to hire more AI specialists and fewer traditional bankers, he told Bloomberg TV in Shanghai. As automation expands across the financial industry, the tech titan said AI would change the kinds of jobs banks need rather than simply eliminating work altogether.
“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.” The remarks of Jamie Dimon come at a time when major global banks increasingly turn to AI to improve productivity, reduce costs and automate several back-office operations.
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Shift in Wall Street trend?
He said 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 and also signals a shift in the banking industry over the growing impact of AI on jobs. Earlier this week, Bill Winters said Standard Chartered plans to replace “lower-value human capital” with technology as part of efforts to cut 8,000 support roles over the next four years.
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Recently, John Waldron described traditional back-office work as a “human assembly line” that could eventually be automated. At the same time, Georges Elhedery said AI would “destroy” certain jobs while also creating new opportunities in the sector.
Despite growing concerns around automation, Dimon defended Winters, saying his comments were “an inartful way to say something.”
“I think it will be old jobs. If back-office jobs disappear, we need more front office jobs to cover more clients,” Dimon said.
He also cautioned that the rapid pace of technological change must be handled responsibly. “I think it’s incumbent upon us, society, to think through if it happens too fast,” he added.
Jamie Dimon's message for Zohran Mamdani
Jamie Dimon cautioned New York City Mayor Zohran Mamdani over his hard-left vision for the Big Apple, warning that political ideology and moral messaging alone would not solve the city’s problems. Dimon said a leader can continue preaching morality and ideology, but if the city continues to struggle, then they are ultimately failing to do their job.
“I don’t care what he says. What does he do? I will judge that … because you can talk about morality and ideology all you want, but if things don’t get better, you didn’t do a good job,” the Wall Street titan told Bloomberg TV Thursday.
“And my view, and I’m talking about him now, I have seen mayors who make statements, and they make it worse and worse and worse, you know, and they don’t know, they can’t get into details of why is affordable housing not there anymore? Why does this not work?
“And so, you know, hopefully he’ll learn. I want him to do a good job.”
Dimon’s biting comments came after he and other top business leaders met with Mamdani, who has pushed a slate of tax hikes targeting the wealthy and businesses since taking office in January.
During the interview, Dimon threw his support behind Jeff Bezos’ view that lower earners shouldn’t be hit with income taxes.
The Amazon founder called for changes to the US tax system, which he said sees the top 1% already pay 40% of all taxes while the bottom half contributes 3% — stressing that taxes for lower earners should be slashed to “zero,” during a Wednesday sit-down with CNBC.
