For decades, a banker has been someone who reviewed your loan application, managed your portfolio, or walked you through a mortgage. But Jamie Dimon, CEO of JPMorgan Chase \u2014 the largest bank in the United States, with 318,512 employees and $4.4 trillion in total assets (1) \u2014 says that could change soon.<\/p>\n
In a Bloomberg interview that aired Thursday, Jamie Dimon said artificial intelligence will reduce headcount at the nation\u2019s largest bank. \u201cI think it\u2019ll reduce our jobs down the road,\u201d Dimon said. \u201cI think we\u2019ll be hiring more AI people and fewer bankers in certain categories, and it will make them more productive (2).\u201d<\/p>\n
Must Read <\/p>\n
He added that the bank is already using AI across marketing, fraud detection and document management, and that\u2019s just \u201cthe tip of the iceberg\u201d as the technology accelerates. \u201cEvery app, every process, every job will be affected,\u201d (3)he said (3).<\/p>\n
Dimon\u2019s remarks came two days after Standard Chartered Chief Executive Officer Bill Winters, announced that Standard Chartered Bank will cut 7,800 roles by 2030 \u2014 another sign that banks worldwide are reshaping work as they adopt automation (4).<\/p>\n
What\u2019s already happening at JPMorgan <\/p>\n
JPMorgan\u2019s most recent annual report shows the bank\u2019s total employee count remained broadly stable (5), but operations staff fell 4% and support roles dropped 2%, while the bank added 4% to client-facing and revenue-generating positions, according to CNBC\u2019s analysis of the annual report (6). The bank isn\u2019t laying off en masse, but it\u2019s changing what it needs people to do.<\/p>\n
Dimon said the bank has built plans to reskill and redeploy workers as AI takes over functions those roles currently handle. \u201cWe have displaced people from AI, and we offer them other jobs. They are usually well-trained and highly talented, very good at things,\u201d (7)he said at a JPMorgan investor event in February (7). In other cases, early retirement is on the table.<\/p>\n
The bank has roughly a $20 billion technology budget (8) and Dimon said they have an internal large language model (LLM) that about 150,000 workers already use every week. \u201cThey think they\u2019re saving 4 hours,\u201d he says (9).<\/p>\n
Read More: Taxes are going to change under Trump\u2019s \u2018big beautiful bill\u2019 \u2014 4 reasons you can\u2019t afford to waste time<\/a><\/strong><\/p>\n The industry context, and the controversy Dimon had to address <\/p>\n Standard Chartered\u2019s Group Chief Executive Bill Winters spoke at an investor forum in Hong Kong, and announced that the bank will be eliminating 7,800 support roles over the next four years (10).<\/p>\n Story Continues <\/p>\n Standard Chartered was one of the first global banks to publicly set out how it expects AI to trim headcount at that scale. \u201cIt\u2019s not cost cutting; it\u2019s replacing, in some cases, lower-value human capital with the financial capital and the investment we\u2019re putting in,\u201d (11)Winters told journalists at the briefing (11).<\/p>\n The phrase \u201clower-value human capital\u201d drew immediate backlash across social media. Former Singapore President Halimah Yacob, called the language \u201cdisturbing.\u201d \u201cIt\u2019s demeaning to describe them as \u201clower-value human capital,\u201d she wrote (12). \u201cAfter the retrenchment, they need to look for other jobs and this negative description is not helpful.\u201d<\/p>\n Winters sent an internal memo Wednesday seeking to walk back the remarks, writing that the coverage had reduced complex ideas to \u201csimple headlines or a quote out of context (11).\u201d He later apologized publicly in a (13)LinkedIn post on Friday (13), writing: \u201cI have received a lot of support for the messages in my previous posts, but I still get questions about my choice of words, which I know has caused upset to some colleagues. For that, I am sorry.\u201d<\/p>\n Dimon, who called Winters a friend \u2014 Winters spent 26 years at JPMorgan before joining Standard Chartered, and said that \u201call of us say something incorrectly\u201d. \u201cIt was an inartful way to say something,\u201d (14)he said (14), \u201cAI will affect everyone, not just lower-skilled employees.\u201d<\/p>\n What this means for people who work in banking, and people who bank <\/p>\n If you work in financial services, Dimon\u2019s remarks are a clear signal of direction. Junior banking roles, like analyst-level research, pitch deck prep, document review, and model building, are the tasks that startups like Rogo and Hebbia are automating now. AI agents from companies like Anthropic are also built to handle these jobs directly, and the firms building these tools are already selling to Wall Street.<\/p>\n For regular bank customers, AI\u2019s already handling fraud detection, customer service routing, and risk assessment at JPMorgan. As these tools get better, the people managing your money will increasingly be the folks managing the AI \u2014 not the bankers the AI replaced.<\/p>\n Dimon\u2019s message to people worried about this shift was what he\u2019s been saying for months: the disruption is coming, it\u2019s manageable if you plan for it, and anyone who pretends otherwise is making a mistake. \u201cSociety needs to get prepared,\u201d he said (15). \u201cI\u2019m not predicting it\u2019ll be a problem. I\u2019m simply saying now\u2019s the time to start thinking about what you\u2019ll do if it is.\u201d<\/p>\n You May Also Like <\/p>\n Join 250,000+ readers and get Moneywise\u2019s best stories and exclusive interviews first \u2014 clear insights curated and delivered weekly. Subscribe now.<\/a><\/strong><\/p>\n Article Sources <\/p>\n We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines<\/a>.<\/p>\n JPMorgan Chase (1)<\/a>, (5)<\/a>; Bloomberg (2)<\/a>; Fintech Magazine (3)<\/a>; MarketWatch (4)<\/a>; CNBC (6)<\/a>; Finviz (7)<\/a>; Business Insider (8)<\/a>; X (9)<\/a>; Fortune (10)<\/a>; Fox Business (11)<\/a>; Facebook (12)<\/a>; LinkedIn (13)<\/a>; AOL (14)<\/a>; Yahoo Finance (15)<\/a><\/p>\n This article originally appeared on Moneywise.com<\/a> under the title: Jamie Dimon warns the people managing your money will soon be ‘AI people’ \u2014 not the bankers they replaced<\/a><\/p>\n This article provides information only and should not be construed as advice. It is provided without warranty of any kind.<\/p>\n","protected":false},"excerpt":{"rendered":"For decades, a banker has been someone who reviewed your loan application, managed your portfolio, or walked you…\n","protected":false},"author":2,"featured_media":506187,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[177],"tags":[215676,79,18,212785,19,17,39085,30363,234,235,37501,24996,219781],"class_list":["post-506186","post","type-post","status-publish","format-standard","has-post-thumbnail","category-personal-finance","tag-bill-winters","tag-business","tag-eire","tag-fraud-detection","tag-ie","tag-ireland","tag-jamie-dimon","tag-jpmorgan-chase","tag-personal-finance","tag-personalfinance","tag-robert-kiyosaki","tag-standard-chartered-bank","tag-support-roles"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116649811368451139","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/506186","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=506186"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/506186\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/506187"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=506186"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=506186"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=506186"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}