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JPMorgan to hire more AI specialists, fewer bankers as Dimon bets big on automation
The largest US bank by assets is shifting its workforce strategy toward artificial intelligence, with its CEO openly predicting job cuts as a result.
JPMorgan Chase CEO Jamie Dimon said the bank is likely to increase hiring of artificial intelligence specialists while reducing reliance on traditional banking roles as AI becomes more deeply embedded in financial services.
Speaking to Bloomberg Television, Dimon said AI adoption will lower some job requirements over time but improve productivity and create new categories of employment, particularly in technology and client-facing areas.
He added that JPMorgan expects to manage most workforce changes through attrition, redeployment, and retraining rather than mass layoffs.
AI drives banking industry restructuring
The shift toward AI will lead JPMorgan to hire more technology-focused employees while scaling back hiring in certain traditional banking functions, according to Dimon. He pointed to the bank’s annual attrition rate of about 10%, or 25,000 to 30,000 employees, as a natural buffer for workforce transitions.
His comments reflect a wider industry trend, with other major bank CEOs including Standard Chartered’s Bill Winters, Goldman Sachs’ John Waldron, and HSBC’s Georges Elhedery also highlighting AI’s role in eliminating some jobs while creating new ones.