Jamie Dimon says AI is reshaping JPMorgan Chase's workforce with 'huge redeployment' plans

Jamie Dimon says AI is already reshaping JPMorgan Chase's workforce as bank plans 'huge redeployment'

JPMorgan Chase CEO Jamie Dimon said the bank is taking steps to address the impact of artificial intelligence on its workers, part of what he said should be a broader societal response to the potentially disruptive nature of AI. Dimon described at an investor meeting late Monday his bank's internal plans to shift employees into new roles as automation accelerates. "We already have huge redeployment plans for own people," Dimon said. "In fact, we spoke about it today, and we have to up that a little bit so we can take people who are displaced -- and we have displaced people from AI -- and we offer them other jobs." JPMorgan, the world's biggest bank by market cap, has the industry's largest annual tech budget at nearly $20 billion. Its executives have outlined an ambitious agenda to become "fundamentally rewired" for the AI era. Even at this early stage, the bank's workforce provides a snapshot of what happens when corporations employ AI technology, including models from OpenAI and Anthropic, which are both used by JPMorgan's AI portal. The bank's headcount was roughly unchanged at 318,512 over the past year, but there were changes below the surface: Operations and support staff fell by 4% and 2%, respectively, as the firm added 4% to roles that involve catering to clients and generating revenue. It did that by using technology to boost the number of accounts that each operations employee can handle (up 6%), reducing the per-unit cost to deal with fraud (down 11%) and making their software engineers 10% more efficient, according to the bank's presentation. JPMorgan has doubled the use cases for generative AI this year, focusing on customer service and the firm's technology workers, Chief Financial Officer Jeremy Barnum said at the investor meeting. A JPMorgan spokeswoman declined to elaborate on Dimon's comments about plans for redeployment.

JPMorgan embarks on staff redeployment as the bank rewires for AI

This content has been selected, created and edited by the Finextra editorial team based upon its relevance and interest to our community. Speaking to analysts at an investor meeting, Dimon said: "We already have huge redeployment plans for [our] own people. In fact, we have to up that a little bit so we can take people who are displaced -- and we have displaced people from AI -- and we offer them other jobs." The bank is an avid investor in AI, deploying models from anhropic and OpenAI to double the use cases for the technology over the past year, focusing on customer service and the firm's technology workers, In October, Dimon revealed that the bank spends about $2 billion a year, a tenth of its technology budget, developing AI, with the technology saving the bank about the same amount. The bank's head count was roughly unchanged at 318,512 over the past year, but operations and support staff fell by 4% and 2%, respectively, as the firm added 4% to roles that involve catering to clients and generating revenue. It did that by using technology to boost the number of accounts that each operations employee can handle (up 6%), reducing the per-unit cost to deal with fraud (down 11%) and making their software engineers 10% more efficient, according to the bank's presentation. Wrapping up the presentation, Dimon said: "My view is that we will be a winner, but at the end of the day, if you look at 100 areas, we'll be a winner in 75 and maybe a loser in 25. For us, we are going to deploy AI as fast as we can to do a better job for our customers. That's what we are going to do."