As per Jamie Dimon, JP Morgan would look for options like retraining staff, redeploying workers or offering early retirement instead of making large layoffs
Wall Street biggie JPMorgan’s CEO Jamie Dimon, in an interview with Bloomberg News, stated that his company will likely hire more artificial intelligence (AI) specialists and fewer traditional bankers.
“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. I think it will reduce our jobs down the road,” Dimon said in a Bloomberg Television interview at the bank’s China Summit in Shanghai.
Citing that JPMorgan’s annual attrition rate is about 10% (roughly 25,000 to 30,000 employees), Dimon said that the strategy gives the financial venture the room to manage these changes gradually. He added that the bank would look for options like retraining staff, redeploying workers or offering early retirement instead of making large layoffs.
Acknowledging the change the banking sector is witnessing due to the advent of AI and fintechs, Dimon said that JPMorgan, one of the legacy Wall Street banks, is trying to remain future-ready by pushing its technology budget to USD 20 billion. Additionally, the company has started tracking and ranking its engineers’ AI usage and performance on internal dashboards.
“We are investing that money to be competitive and to do a better job for our clients,” Dimon added further.
“While the fundamental need to hold, move, and invest money will remain constant, how people and banks will do it is going to look very different. For example, blockchain usage might increase, or there might be more people in AI jobs and fewer people in certain jobs,” the veteran banker remarked.
Talking about JPMorgan’s AI strategy, the venture is implementing AI tools globally across its IB (Investment Banking) business, with Paul Uren, the company’s Asia Pacific head of investment banking, saying that “tools will enable us to access more information and quickly synthesise it with our internal systems.”
The Wall Street biggie is also among a small group of organisations AI company Anthropic has admitted to its “Project Glasswing” controlled access programme for the Mythos cybersecurity model, alongside other banking industry players like Goldman Sachs, Citigroup, Bank of America and Morgan Stanley.
