Dimon says JPMorgan will hire more AI specialists and fewer bankers

"I Think It Will Reduce Our Jobs": Jamie Dimon Predicts AI-Driven Workforce Shift At JPMorgan Artificial intelligence is set to significantly alter hiring patterns at JPMorgan Chase & Co., according to CEO Jamie Dimon, who said the bank expects to recruit more AI-focused talent while reducing reliance on some conventional banking roles over time, according to Bloomberg. During a Bloomberg Television interview at the firm’s China Summit in Shanghai, Dimon acknowledged the long-term impact AI is likely to have on employment across the industry. “I think it will reduce our jobs down the road,” he 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 shift reflects a broader transformation underway on Wall Street, where major banks are accelerating investments in automation and generative AI to streamline operations and improve efficiency. Executives across the sector have increasingly spoken about the technology’s ability to replace repetitive work while reshaping how financial institutions operate. Bloomberg writes that unlike some peers who have framed the transition more bluntly, Dimon emphasized that workforce reductions could largely happen gradually through attrition rather than mass layoffs. JPMorgan, which sees roughly 25,000 to 30,000 employees leave annually, has enough turnover to retrain or reposition workers as roles evolve, he said. He also argued that AI’s impact will not be limited to eliminating jobs. New positions are expected to emerge, particularly in areas tied to client relationships and revenue generation, even as some support and operational functions become more automated. Dimon’s remarks followed controversial comments from Standard Chartered CEO Bill Winters, who recently said the bank was replacing “lower-value human capital” with technology as part of a plan to cut thousands of support positions. Goldman Sachs President John Waldron has likewise described traditional back-office work as a “human assembly line” susceptible to automation, while HSBC CEO Georges Elhedery warned this week that AI would “destroy” certain jobs even as it creates others. Addressing the backlash surrounding Winters’ comments, Dimon defended the executive while acknowledging the wording had landed poorly. “It was an inartful way to say something,” he said. “I think it will be old jobs. If back-office jobs disappear, we need more front office jobs to cover more clients.” Research from consulting firms and banks suggests the disruption could be substantial. McKinsey estimates that nearly a third of work hours in finance and insurance may eventually be automated, while Citigroup has projected that more than half of banking jobs face a high likelihood of either replacement or augmentation through AI technologies. Still, Dimon cautioned against allowing the transition to move too quickly without considering the broader consequences. “I think it’s incumbent upon us, society, to think through if it happens too fast,” he said. Tyler Durden Sat, 05/23/2026 - 19:15

In an interview with Bloomberg on Wednesday, JPMorgan CEO Jamie Dimon said that every job will feel the effects of AI—including bankers. “I think [AI will] reduce some of our jobs down the road,” Dimon told Bloomberg’s Haslinda Amin. “I think we’ll be hiring more AI people and probably less bankers in certain categories.” Dimon said that AI will cause reductions and downsizing at the company, but he said, “that’s been happening my whole life.” As AI changes jobs, the billionaire CEO said JPMorgan will retrain and redeploy employees, and in some cases, offer early retirement. Dimon also said that society needs to “get prepared” for how AI will change the workforce.  JPMorgan is using AI for numerous reasons already, Dimon said, including in marketing, risk, fraud and document management—but he said this is all just the “tip of the iceberg,” because AI is moving so quickly.  Dimon acknowledged that the banking space has changed with the introduction of fintech companies that traditional bankers have to compete with. JPMorgan’s own technology budget is now at $20 billion, Dimon said. Additionally, the company started tracking and ranking its engineers’ AI usage and performance on internal dashboards. “We are investing that money to be competitive and do a better job for our clients,” Dimon added.  While the fundamental need to hold, move and invest money will remain constant, Dimon said that how people and banks will do it will look very different. For example, he said, more blockchain might be used, or there might be “more people in AI jobs and less people in certain jobs.” While Dimon didn’t speak to specifics about the possibility of restructuring or layoffs at JPMorgan, other global banks are increasing investments in AI and planning sweeping changes to their workforces.  On Tuesday, Standard Chartered announced it would cut nearly 8,000 roles over the next four years to replace “lower-value human capital” with technology. Following backlash, the company’s CEO Bill Winters clarified the statement, saying: “Where roles do fall away, it reflects changes in the work, not the value of our people.” Dimon told Bloomberg that Winters’ initial claim was “inartful,” adding that AI will impact employees of all skill levels.Several companies outside of the banking sector, like Meta and Cisco, have recently shed portions of their workforce to offset heavy AI spending. According to Dimon, the banking sector will not go untouched.

Dimon said that AI will impact "every job," and acknowledged efficiencies from the technology will lead to downsizing.

JP Morgan CEO Jamie Dimon predicts artificial intelligence will reduce some banking jobs. The bank plans to hire more AI specialists and fewer traditional bankers. This shift will be managed through employee turnover and retraining. Other global banks also see AI impacting support roles and back-office operations. The pace of change requires careful societal consideration.

J.P. Morgan Chase’s CEO envisions a day where the bank hires more AI experts than bankers. “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 […] The post JPMorgan Prioritizing AI Hires Over Bankers appeared first on PYMNTS.com.