CEO Dimon says JPMorgan to hire more AI staff, fewer bankers, Bloomberg News reports

Jpmorgan Chase

Jpmorgan Chase

JPM

0.00

- JPMorgan JPM.N will likely hire more artificial intelligence specialists and fewer traditional bankers, CEO Jamie Dimon told Bloomberg News in an interview published late Wednesday.

Here are some details:

  • "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 in a Bloomberg Television interview at the bank's China Summit in Shanghai.

  • "I think it will reduce our jobs down the road," Dimon added.

  • JPMorgan's annual attrition rate of about 10%, or roughly 25,000 to 30,000 employees, gives it room to manage these changes gradually, Dimon said; he added that the bank could retrain staff, redeploy workers or offer early retirement instead of making large layoffs.

  • Dimon's comments come as global banks increase investments in AI, reshaping workforces and leading to changes in job roles.

  • Standard Chartered STAN.L on Tuesday said it would eliminate 7,000 jobs over the next four years as it seeks to replace "lower-value human capital" with technology.

  • This comes amid a larger trend of companies cutting jobs as investments shift toward AI.

  • Concerns have deepened among investors and economists that artificial intelligence will upend established industries, with job losses already emerging in sectors most exposed to automation.