JPMorgan to hire more AI specialists and fewer bankers as Dimon signals workforce shift

JPMorgan Prioritizing AI Hires Over Bankers | PYMNTS.com

By completing this form, you agree to receive marketing communications from PYMNTS and to the sharing of your information with our sponsor, if applicable, in accordance with our Privacy Policy and Terms and Conditions. "I think it will reduce our jobs down the road," Jamie Dimon said in an interview with Bloomberg Television Thursday (May 21) at the bank's China Summit in Shanghai. "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." As Bloomberg notes, Dimon's remarks highlight a larger shift in the financial world towards automation, though his tone was more measured than the one taken by other banking CEOs. For example, Standard Chartered CEO Bill Winters this week sparked backlash when he said the bank is replacing "lower-value human capital" with technology to eliminate 8,000 support roles by the end of the decade. He later apologized for his phrasing. Goldman Sachs President John Waldron has described traditional back-office operations as a "human assembly line" that is a target for automation, while HSBC CEO Georges Elhedery has warned that AI will "destroy" certain jobs while creating others, and called on employees to adapt to the technology. In the wake of these remarks, Singapore Deputy Prime Minister Gan Kim Yong on Wednesday (May 20) called on banks to use AI to create better jobs and train workers for better roles. According to Bloomberg, Dimon argued that the pivot to AI can happen through normal turnover rather than mass job cuts. Dimon added that AI will also create new jobs, especially in client-facing areas. J.P. Morgan has a yearly attrition rate of around 10%, or about 25,000 to 30,000 departures per year, and thus has the flexibility to retrain or redeploy workers, or offer early retirement packages, the CEO said. Meanwhile, recent PYMNTS Intelligence research finds that many U.S. companies have a lot of work to do when it comes to training their staff to use AI. The "Wage to Wallet™ Index - The Resilience Deficit: Labor Workers in an Automated Economy" report shows that half of all American workers in salaried or higher-paying positions had received no on-the-job training on how to use AI tools, new technologies or automated processes in their jobs in the prior 12 months. "College graduates know how to use ChatGPT to write essays and Google Gemini's Nano Banana to generate images and edit photos, but too few workers are getting too little guidance on how to use the technological tools increasingly penetrating the workplace," PYMNTS wrote.

Jamie Dimon says JPMorgan will hire more AI braniacs, fewer bankers

Artificial intelligence is poised to drastically shrink the workforce at the nation's largest bank, but the transition will happen without the pain of mass layoffs, JPMorgan Chase CEO Jamie Dimon said Thursday. In an interview in Shanghai, the renowned money man told Bloomberg that AI will make his employees vastly more productive. While the technology will ultimately reduce the need for certain jobs, Dimon said the bank will manage the shift through "natural attrition" -- simply not filling the positions of the 25,000 to 30,000 workers who quit or retire each year. "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," Dimon said. "I think it will reduce our jobs down the road." Current employees whose roles become obsolete will be retrained or moved to new departments, he added. The bank says it has over 300,000 employees worldwide. Dimon's remarks highlight what appears to be a major shift on Wall Street. Financial giants are trading traditional suit-and-tie bankers for tech experts to handle everything from routine paperwork to advanced math. AI tools are expected to drastically reduce the staggering costs and manpower previously needed to maintain big financial institutions' digital plumbing. At Goldman Sachs, Chief Operating Officer John Waldron is building what he calls a "digital factory floor." He recently told CNBC the bank is using AI to automate the repetitive, behind-the-scenes chores of finance. He likened the shift to physical robots assembling cars. By letting software run what was previously a "human assembly line," Goldman employees can spend more time face-to-face with customers, Waldron said. The exec, widely seen by Goldmanites as the likely next CEO of the company, expects the bank's total head count to remain steady as newly hired software engineers replace outdated roles. AI is also transforming the highest levels of investment strategy. Ken Griffin, founder of the massive investment firm Citadel, recently admitted he was wrong to dismiss the tech as a passing fad. He told Stanford Business School that highly complex research that once took teams of college-educated experts weeks to complete is now finished by AI programs within hours. This extreme speed is crucial for companies like Citadel, which rely on intense math to decide exactly which stocks to buy and sell. While Griffin admitted the lightning-fast change left him feeling "depressed" about how AI will alter society, he described the shift as unavoidable. Goldman Sachs research economists warned earlier this year that the workaday world would be upended by the next digital revolution. Their report, published in March, said AI threatens to automate tasks that currently account for 25% of all American work hours, with entry-level desk jockeys in their 20s and 30s sitting squarely in the crosshairs. The Wall Street titan estimated that worldwide, a massive 300 million jobs are exposed to AI-driven automation. The researchers predicted that in the States, between 6% and 7% of the workforce will be displaced over the next decade as corporations rapidly adopt the technology. Early casualties are already piling up in the tech sector, alongside knowledge and creative roles such as management consultants, call center operators, and graphic designers, the paper noted. The first three months of 2026 saw 52,050 tech layoffs -- a 40% jump from the same period last year, executive coaching firm Challenger, Gray & Christmas said in a recent report.

JPMorgan to hire more AI specialists, fewer bankers, Dimon tells Bloomberg By Investing.com

Investing.com -- JPMorgan Chase & Co Chief Executive Officer Jamie Dimon told Bloomberg TV the bank will likely hire more artificial intelligence specialists and fewer traditional bankers as technology adoption accelerates. Dimon said he expects AI to reduce jobs at the bank over time. He made the remarks in a Bloomberg Television interview at the bank's China Summit in Shanghai on Thursday. "I think it will reduce our jobs down the road," Dimon said. "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." The CEO indicated that while some banking positions may decrease, the technology will boost productivity among remaining staff. Dimon's comments come just days after major European banks HSBC and Standard Chartered outlined plans to slash their workforces in favor of more AI automation and streamlining. The technology is being widely touted as a means to lower labor costs and hire fewer white-collar employees, especially with the advent of agentic AI. Dimon said in late-2025 that JPMorgan had been investing in AI since at least 2012 and now spends about $2 billion a year on the technology. This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

CEO Dimon says JPMorgan to hire more AI staff, fewer bankers, Bloomberg News reports

May 21 (Reuters) - JPMorgan will likely hire more artificial intelligence specialists and fewer traditional bankers, CEO Jamie Dimon told Bloomberg News in an interview published late Wednesday. Here are some details: o "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," Dimon said in a Bloomberg Television interview at the bank's China Summit in Shanghai. o "I think it will reduce our jobs down the road," Dimon added. o JPMorgan's annual attrition rate of about 10%, or roughly 25,000 to 30,000 employees, gives it room to manage these changes gradually, Dimon said; he added that the bank could retrain staff, redeploy workers or offer early retirement instead of making large layoffs. o Dimon's comments come as global banks increase investments in AI, reshaping workforces and leading to changes in job roles. o Standard Chartered on Tuesday said it would eliminate 7,000 jobs over the next four years as it seeks to replace "lower-value human capital" with technology. o This comes amid a larger trend of companies cutting jobs as investments shift toward AI. o Concerns have deepened among investors and economists that artificial intelligence will upend established industries, with job losses already emerging in sectors most exposed to automation. (Reporting by Mihika Sharma in Bengaluru; Editing by Joyjeet Das)