JPMorgan's Jamie Dimon says bank chief's viral AI comment was 'inartful'

AI is expected to disrupt work across roles, processes, and jobs rather than only lower-skilled positions. Bill Winters faced backlash for describing support staff reductions as replacing lower-value human capital with financial capital and investment. Winters later clarified that role changes reflect shifts in work rather than the value of employees. Jamie Dimon said Winters could have phrased the message more carefully and characterized it as inartful. Dimon described AI transforming marketing, fraud detection, hedging, and document management at JPMorgan. He said JPMorgan would prepare to reskill employees, move them to new roles, and offer options such as early retirement. He also said society should prepare, including partnerships between schools and local businesses.

"“Every app, every process, every job will be affected,” he said. He described how the tech is transforming several parts of JPMorgan's business, from marketing to fraud detection to hedging and document management, and said that was just the “tip of the iceberg.”"

"“where roles do fall away, it reflects changes in the work, not the value of our people.” Winters wrote in an internal memo on Wednesday that was seen by Business Insider and confirmed by a spokesperson."

"“We're going to be prepared to say, 'Okay, we love these people, they're great, we're going to take care of them. We're going to give them reskilling, new skills, better jobs, move them somewhere else, maybe early retirement,'” he said."

"“Bill's a friend of mine and all of us say something incorrectly,” the JPMorgan CEO said. “It was an inartful way to say something.” Dimon told Bloomberg at JPMorgan's China Summit in Shanghai on Thursday."

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