Jamie Dimon says AI is already displacing JPMorgan workers as bank plans massive redeployment

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.

Jamie Dimon says society should start preparing for AI job displacement: 'Now's the time to start thinking about' it | Fortune

Jamie Dimon wants society to start worrying about AI-driven job loss before it actually happens. The longtime JPMorgan Chase CEO told investors at a company event on Tuesday that businesses and governments need to start preparing now in order to handle the labor disruption that AI could bring. "I'm not predicting [it] can be a problem. I'm simply saying now's the time to start thinking about what you do if it does," Dimon warned. Though Dimon's remarks were characteristically blunt, he iterated, JPMorgan wasn't going to put its "head in the sand" when it comes to AI transformation. To the contrary, he said, the bank is deploying AI aggressively and already has an LLM model that 150,000 people use every week. But thanks to the productivity gains brought on by AI, it's likely JPMorgan will employ fewer people in the next five years, Dimon said last month at the World Economic Forum in Davos. While Dimon worries about how society will react to an exodus of AI-displaced employees, he is making sure JPMorgan isn't caught off guard. In fact, the company is taking critical steps to prepare for a technologically-fueled transition, complete with "huge redeployment" plans he said are in place. "We have displaced people from AI," Dimon said, "and we offer them other jobs. They are usually well-trained and highly talented, very good at things." The broader concern, though, is what happens if society gets caught off guard by this disruption. Dimon illustrated his point with a hypothetical scenario he previously mentioned in Davos. Autonomous vehicles could, in theory, replace the two million commercial truck drivers in the U.S. overnight, saving lives, cutting fuel costs, and reducing wear on highways. But, Dimon said, the benefits don't outweigh the broader costs associated with eliminating these jobs all at once. What would happen to the truck drivers who could see their six-figure income disappear overnight and may have to settle for a lower skilled job paying a fraction of what they were making previously, Dimon questioned. "I was saying, 'That's kind of really bad, kind of civilly, should we as society agree to that?' I don't think so," he said. The answer, he said, is to phase in change incrementally, and give society time to adapt. This is not the first time Dimon has pushed this message. At Davos, he said AI's effect on labor "may go too fast for society," and added he would welcome a government ban on mass AI layoffs "if we have to do that to save society." He also said local governments should offer incentives to companies to retrain workers. Yet, Dimon was clear on Tuesday that AI is going to revolutionize business. He noted that while the technology's results may not have fully surfaced, JPMorgan has deeply embedded AI in its operations and it plans to be at the frontier of this change. "I think the hardest thing to measure has always been tech projects," he said. "That's been true my whole life. It's also been true my whole life, that tech is what changes everything."

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."

JPMorgan CEO Jamie Dimon Says AI Could Lead To Four-Day Work Week: 'It Will Be A Wonderful Thing'

On Monday, JPMorgan Chase CEO Jamie Dimon said AI could reduce the work week to four days in the future. AI Across The Business During an interview with Bloomberg, Dimon said that JPM has already been using AI for several things, including fraud detection, risk management, marketing and error detection. He also said that the bank has about 600 AI use cases. Long-Term Optimism, Short-Term Risks Dimon predicted that in three to four decades, work schedules will shrink and productivity increase. He indicated that future generations might only end up working four or three and a half-day weeks as AI development advances. He also spoke about potential breakthroughs in health care, like cancer cures, safer food systems and better cars. "It will be a wonderful thing," he said. Along with these positive predictions, Dimon also acknowledged concerns about possible job losses. He said that companies and governments should prepare for such a scenario by introducing reskilling programs and bringing education reforms. AI Sparks Job Disruption Fears Dimon's comments came after a senior economist told Benzinga that in the next couple of decades, at least 20% of the U.S. workforce will face disruption because of robotics and automation. Photo courtesy: lev radin / Shutterstock Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.

Jamie Dimon Says 'Now's The Time' To Prepare For Automation's Worker Impact, Warns AI Could Displace Jobs - JPMorgan Chase (NYSE:JPM)

JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon warned that artificial intelligence (AI) could significantly disrupt jobs and urged policymakers and companies to plan for workforce changes before large-scale displacement occurs. AI Deployment, Job Disruption Concerns On Tuesday, speaking at a company event, Dimon said businesses and governments should proactively prepare for potential job losses driven by AI, reported Fortune. He stressed that the issue should be addressed "now" rather than after disruption unfolds. "I'm not predicting [it] can be a problem. I'm simply saying now's the time to start thinking about what you do if it does," he said. Dimon noted that JPMorgan is already deploying AI across its operations, with about 150,000 employees using a large language model weekly. He said automation may reduce staffing needs over the next five years but emphasized the company is focused on retraining and redeploying workers. "We have displaced people from AI, and we offer them other jobs. They are usually well-trained and highly talented, very good at things," he said. He pointed to autonomous vehicles as an example of technology that could eliminate millions of jobs if adopted overnight, questioning whether society could absorb such rapid change. Dimon suggested technological advances should be phased in to avoid economic shock and indicated support for policies that encourage workforce retraining. AI Leaders Warn Of Job Disruption As Automation Reshapes Workforce Earlier, Industry leaders warned that rapid advances in artificial intelligence are reshaping global labor markets and could significantly disrupt jobs across sectors. Boris Cherny of Anthropic predicted that AI agents capable of performing tasks on workplace tools could soon impact most computer-based roles and described the transition as potentially disruptive. He pointed to productivity gains from tools like Claude Code and suggested traditional job titles may evolve as automation expands. She cautioned that benefits remain uneven and that the middle class could face pressure as opportunities shift. OpenAI CEO Sam Altman said AI improvements had enabled companies to produce more with fewer employees, leading OpenAI to slow hiring growth while continuing to recruit. He stressed avoiding rapid expansion followed by layoffs and advocated gradual workforce adjustments as automation advances. Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors. Photo Courtesy: lev radin on Shutterstock.com Market News and Data brought to you by Benzinga APIs To add Benzinga News as your preferred source on Google, click here.