JPMorgan Chase is shifting its approach to hiring, emphasizing efficiency and technology integration, particularly AI, to manage costs. CFO Jeremy Barnum announced to investors that growth in employee numbers would be curbed, aiming to minimize hiring unless necessary in key strategic areas. Despite recent hiring surges, corporate leadership suggests a significant reduction in specific operational sectors, with predictions of up to 10% job cuts. This strategy reflects changes in response to economic pressures as the bank seeks to balance growth with responsible financial management.
At the margin, we're asking people to resist head count growth where possible and increase their focus on efficiency.
It should go without saying that we'll never compromise on safety and soundness and we'll continue to hire and invest in the high-certainty areas where there is a link between adding employees and growth revenue.
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