JPMorgan CEO Jamie Dimon says he'll hire fewer bankers, more "AI people"

AI is expected to reduce some jobs over time, including roles in banking. JPMorgan plans to respond by retraining and redeploying employees, and in some cases offering early retirement. The company is already using AI across marketing, risk, fraud, and document management, but views these efforts as only the beginning. JPMorgan is investing heavily to stay competitive, with a technology budget of $20 billion. The company also tracks and ranks engineers’ AI usage and performance through internal dashboards. While the core functions of holding, moving, and investing money will remain, the methods and job mix will change, potentially involving more blockchain and more AI-focused roles.

"“I think [ AI will] reduce some of our jobs down the road,” Dimon told Bloomberg's Haslinda Amin. “I think we'll be hiring more AI people and probably less bankers in certain categories.”"

"Dimon said that AI will cause reductions and downsizing at the company, but he said, “that's been happening my whole life.” As AI changes jobs, the billionaire CEO said JPMorgan will retrain and redeploy employees, and in some cases, offer early retirement. Dimon also said that society needs to “get prepared” for how AI will change the workforce."

"JPMorgan is using AI for numerous reasons already, Dimon said, including in marketing, risk, fraud and document management-but he said this is all just the “tip of the iceberg,” because AI is moving so quickly."

"“We are investing that money to be competitive and do a better job for our clients,” Dimon added. While the fundamental need to hold, move and invest money will remain constant, Dimon said that how people and banks will do it will look very different. For example, he said, more blockchain might be used, or there might be “more people in AI jobs and less people in certain jobs.”"

Read at Fast Company